PSE index climbs as investors buy select stocks

The Philippine Stock Exchange index continued to be in the green territory on Thursday as investors picked up select stocks. The PSEi climbed 31.40 points or 0.78 percent to close at 4,055.14, according to the PSE’s online market information as of 12:10 p.m. “Dun sa mga naipit at nahuli sa pagbili ng PLDT at Globe stocks, they’re now shifting to other issues," said trader Jasper Jimenez of Banco de Oro Securities Inc. Philippine Long Distance Telephone Co.’s (PLDT) plan to buy Digital Telecommunications Philippines Inc. for P74.1 billion has resulted in the surge of shares of the Pangilinan-led firm. Ayala-owned Globe Telecom Inc. shares also advanced on optimism competition in the Philippines’ telecommunications industry will ease, according to observers. Value turnover reached P6.280 billion, with more than 1.950 billion shares changed hands. The market’s 34 decliners outpaced 100 decliners while 48 issues remained unchanged. Jimenez said the market has been in extraordinary trading days, and “conditions will go back to normal in the coming days." AB Capital Securities Inc. said the trading activity will eventually slow down towards slightly below P4 billion “even though there should be residual interest" in Digitel, JG Summit Holdings Inc., PLDT, and Globe. “Prices of those stocks are also seen to stabilize for now as investors continue to digest and dissect the transaction and its consequences," AB Capital said. — JE/LBG, GMA News