Trendy telecommunications stocks are driving PSE’s rise to 6,800

The Philippine Stock Exchange Index (PSEi) rose higher on Wednesday as major telecommunications stocks flew and pushed the benchmark measurement past the 6,800 mark.

At the close, the PSEi rose 2.15 percent or 143.33 points to 6,822.15, while the broader all-share index rose 1.29 percent or 53.63 points to 4,198.51.

Index Heavyweights PLDT Inc. and Globe Telecom jumped 7.8 percent and 14.04 percent, respectively.

Both companies had previously announced aggressive network investment plans as demand for high-speed Internet services was rising during the COVID-19 pandemic.

The companies also lifted the service sector by 3.51 percent on Wednesday.

The real estate and holding company sub-index also gained about 2.4 percent each, while mining and oil were the only losers with a fall of 0.12 percent.

Strong foreign purchases also supported the market despite recent government data showing high daily infections of COVID-19, exceeding expectations for economic recovery.

On Wednesday, foreigners were net buyers for an amount of P815 million.

According to data from PSE, there were 1.8 billion shares valued at P6.48 billion that changed hands. Gainers were more than losers, 95 to 93, while 51 companies closed unchanged.

Globe was the most traded stock during the session, as the price reached P2,600 per share. Shares.

COL Financial Group chief equity strategist April Lee Tan said on Twitter that this was near a record high of P2,720 per share. Share in June 2015.

Stockbrokers told the Inquirer that the acquisition was spurred by Globe’s potential plans for GCash, its fast-growing mobile wallet company with Chinese billionaire Jack Ma, which recorded a profitable month in June.

Other actively traded names were PLDT Inc., a 7.8 percent increase to P1,345; Converges ICT Solutions Inc., down 1 percent to P29.70; Ayala Land Inc., a 0.89 percent increase to P34; and Ayala Corp., a 3.64 percent increase to P741 per share. shares.

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