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Stocks extend gains for 5th straight day

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Stocks extended their advance yesterday as investors continued to scout for bargains and reposition their portfolio following the reconstitution of the main index.

The benchmark Philippine Stock Exchange index or PSEi closed at 6,374.68, up by 110.74 points or 1.77 percent, while the broader All Shares index gained 51.50 points or 1.53 percent to finish at 3,412.38.

Unicapital Securities said the PSEi extended gains as investors continued to bargain hunt below the 6,200 levels and also with the extra liquidity from tendered shares of Metro Pacific Investments Corp. at P28.42 billion, which were likely reallocated to other stocks.D.A. Securities also cited the index’s gains as likely due to bargain hunting and “as funds switched out of MPIC into PSEi’s 30 component stocks.

With inflation still sitting well above the central bank’s target and the labor market showing few signs of softening, decision-makers have warned that more tightening will be needed to achieve their goal. The bank indicated last week another lift could be on the cards before year’s end, while boss Jerome Powell and other policy board members have said they could keep borrowing costs elevated for an extended period, with fewer cuts than hoped in 2024.

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