PSEi rallies for 3rd session to break past 6,100-barrier

Manila, Philippines – Shares rallied for a third straight session, lifting the main index past the 6,100 barrier as investors snapped cheap stocks after last week’s losing streak.

The PSEi capped the week adding 1.14 percent more to end at 6,108.86.

Leading the gains were services and industrial stocks. Ports and logistics giant International Container Terminal Services, Inc. (ICTSI) gained the most at 5.35 percent to P512 per share. Food manufacturers JG Summit Holdings, Inc. and Jollibee Foods Corp. rose by nearly 3.5 percent.

“The local market rose further this Friday as investors continued with their bargain hunting,” PhilStocks Financial said in a research note.

Friday’s rally was also underpinned by the peso’s recovery against the dollar, the brokerage firm added.

Falling bond yields and Wall Street’s positive lead also provided some boost.

Still, foreigners were net sellers with net outflows of P80.56 million in lethargic trade.

NewsWatch Plus business news anchor Lois Calderon contributed to this story.