PSEi returns to 6,500-level
MANILA -- The Philippine Stock Exchange index advanced for a second day as BDO Unibank Inc. shares continued to recover from a recent sell-off and shares of International Container Terminal Services Inc. (ICTSI) traded at an all-time high.
The PSEi rose 0.71% or 45.73 points to 6,518.71, while the all-shares index gained 0.56% or 22.77 points to 4,099.26.
Value turnover came in at P9.1 billion.
Top index mover on Friday was BDO which rebounded from a 12.8% net loss in the last nine sessions.
ICTSI hit a record high of P93 during intraday trading, after its unit signed a 30-year concession contract for a container and cargo terminal in Honduras.
Ayala Land Inc. (ALI), DMCI Holdings Inc. and Alliance Global Group Inc. also gained.
ALI was up 1.4% after it signed a joint venture agreement with Alsons Development and Investment Corp. for the development of a 25-hectare integrated and mixed-use community in Larang, Davao City.
DMCI surged 5.2% on expectations the Panian coal mine of its unit Semirara Mining Corp. will resume operations next month. Semirara traded at a record high of P263 apiece during intraday trading.
Alliance Global snapped out of its four-day, 12.5% losing streak. Deutsche Bank upgraded its rating on the firm from "hold" to "buy" and raised its target price by 35% to P23.20, citing a strong growth trajectory and higher earnings estimates for the recommendation.
The market rose 1.5% in the last two sessions but is still down 2% week-on-week. -- ANC