PSEi opens with 0.71% upswing
MANILA, Philippines — The Philippine Stock Exchange Index (PSEi) maintained its upward trend, notching a 0.71% increase, closing at 6,521.27, backed by a total value turnover of P4.2 billion.
Ayala Land Inc. (ALI) and BDO Unibank led the trading front, jointly accounting for 26.07% of the market weight. ALI soared to a new 52-week high, reaching P34.60.
Meanwhile, foreign funds surged in net buying, reaching P395.0 million for the day.
The top five index gainers featured Central Azucarera de Tarlac leading the pack with a 3.44% increase. Following closely were BDO, JG Summit Holdings, Wilcon Depot, and Meralco, securing gains ranging between 2.13% and 3.44%.
The top five index decliners included Converge ICT Solutions, AC Energy Corp. (ACEN), Jollibee Foods Corp., Monde Nissin Corp., and SM Investments Corp., witnessing declines ranging from 0.99% to 2.74%.
ACEN hit a fresh 52-week low, reaching P4.18.
Most sectoral indices wrapped up the day on a positive note, except for Mining and Oil (-0.43%) and Holding Firms (-0.11%), which finished in the red.
At Tuesday's close, the PSEi reached 6,521.27, climbing by 45.77 points or 0.70%. Meanwhile, the All Shares index showed a gain of 16.57 points or 0.48%, settling at 3,432.71.
Attacks of the Iran-backed Houthi militants in the Red Sea posed a threat to global trade, stock broker AB Capital Securities said.
The stockbroker said it will make the shippers of commodities avoid passing through the Red Sea which will affect global trading routes.
They estimated that 12% of the world's trade flows, including 30% of global container traffic will be affected.
“The disruption is likely to trigger a domino effect on various industries, leading to inflationary repercussions. The inflationary pressures stem from the expected rise in shipping costs,” AB Capital Securities said in a statement.
Taking different routes will cost more and take longer, which might make things more expensive for consumers.
The increased risks due to the attacks and changes in shipping routes are causing insurance costs to rise. Shipping companies operating in high-risk zones might experience higher premiums as insurers modify their coverage policies.
