PSEI perks up as distressed banks get assist

Chart -wise, ‘support remains at 6,400 while resistance is pegged at the 6,600 level.’

The benchmark Philippine Stock Exchange index jumped by 64.81 points to 6,469.72 on the last trading day of the year, up 1.01 percent from Thursday’s close.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the performance of the local bourse followed the upward trends of its peers.

Alviar said investors were calmed by the financial help received by First Republic Bank and Credit Suisse.

Yesterday, net market value turnover was notably strong at P7.02 billion — higher than this month’s average so far of P5.83 billion.

Foreigners’ support

Foreigners also supported the market, which recorded a net inflow of P14.81 million.

Alviar also noted that all sectors were in the green led by the Banks as investors picked up bargains.

Among index members, JG Summit Holdings Inc. surged by 6.12 percent to P52.

San Miguel Corporation had the biggest loss of 3.15 percent to P107.50 as investors sold shares after its full-year 2022 net income plunged by 44 percent annually to P26.76 billion due to the impact of unrealized losses on the revaluation of its foreign currency-denominated long -term debt.

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