Friday, June 11, 2010

Update on Philippine Stock Exchange index (PSEi)

The Philippine Stock Exchange index (PSEi) rose higher Friday by 40.95 points or 1.27 percent to 3,265.44 as investors took heart from the strong showing of Wall Street overnight.

Traders said they got comfort form the overnight rally in Wall Street which, in turn, received a boost from the decision of the European Central Bank to keep interest rates unchanged in the Eurozone.

Shares of telecommunications giant PLDT, Bank of the Philippine Islands and SM Investments Corp. were particularly attractive to buyers yesterday.

Only the mining and oil sub sector showed a decline as investors sold off their holdings in Philex Mining, the country’s biggest copper and gold mining firm.

All other subsectors ended in the green, with the financial sub-index rising 1.67 percent on gains in BPI.

A total of 744.1 million shares changed hands for P3.16 billion.

PLDT remained the most active stock, accounting for 14.7 percent of market activity. It was followed by Aboitiz Power Corp., which accounted for 10.3 percent of total trades.

Advancers swamped gainers, 69 to 29, while 77 shares remained unchanged.