Stocks snap losing streak

MANILA, Philippines — Investors yesterday ended the week pushing the market back in the win column, as they finished pricing in the impact of the inflation uptick in February and a number of corporate results.

The benchmark Philippine Stock Exchange index (PSEi) rose by 104.87 points, or 1.53 percent, to close at 6,942.21, while the broader All Shares index picked up 34.92 points, or 0.98 percent, to reach 3,602.81.

The PSEi snapped a three-day losing streak after flirting with the 7,000 level at the start of the week, as investors returned to buying with renewed confidence in the market.

Regina Capital Development Corp. head of sales Luis Limlingan said the market was boosted by the financial performance of several companies that finished reporting their 2023 earnings.

Telco giant PLDT Inc. returned to growth mode, raising a profit of nearly P27 billion in 2023.

Investors were done adjusting their portfolios following the inflation spike in February. Inflation, or the general increase in commodity prices, zoomed to 3.4 percent in February, ending four months in a row of decline.

“Investors processed a continuous flow of corporate earnings reports and they already took into consideration the rise in inflation during February,” Limlingan said.

In total, P4.88 billion worth of shares changed hands throughout trading, with winners outpacing the losers, 107 to 87, while 44 issues were unchanged.

All sectors except for mining and oil concluded the week in the green, with property and services making the most gains of 1.8 percent and 1.77 percent, respectively.