Market climbs back above 6,900 level

March 1, 2024 | 12:00am

MANILA, Philippines — The stock market ended the month of February on a high note, climbing its way back above the 6,900 mark.

The Philippine Stock Exchange index gained 0.99 percent or 68.19 points to finish at 6,944.71.

The broader All Shares index also followed the uptrend, adding 0.48 percent or 17.40 points to settle at 3,609.06.

“Philippine shares continued to outperform to close the month of February, buoyed by the latest MSCI rebalancing, while other investors weighed the latest earnings results and looked ahead to the Fed’s favored inflation gauge,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said many funds also adjusted their portfolios ahead of the effectiveness of the MSCI rebalancing, boosting the market’s liquidity.

As a result, Alviar said net value turnover soared to P11.68 billion, significantly higher than the year-to-date average of P4.71 billion.

“Foreign funds gave the bourse a lift as foreigners were net buyers with net inflows amounting to P436.39 million,” Alviar said.

Financials led gauges in the green territory with a 2.13-percent surge, followed by holdings firms with a 1.61-percent jump.

The property and mining and oil sectors, meanwhile, fell by 1.42 percent and 0.44 percent, respectively.

Market breadth was negative as decliners crushed advancers, 107 to 81, while 41 issues were unchanged.

Aboitiz Equity Ventures led the index members with a 5.26 percent increase, while Converge lost the most at 4.26 percent.

Among the most actively traded stocks were Ayala Corp. (down 1.45 percent), BPI (up 3.22 percent), SM Prime (down 2.77 percent), SM Investments (up 2.96 percent) and BDO (up 3.38 percent).

In other Asian markets, shares were mostly up   ahead of the release of crucial inflation data later in the day that will help chart the Fed’s rate cut timeline.–  AFP