PH Stocks Surge on US Debt Ceiling and Budget Impasse Resolution

Manila—(PHStocks)—Philippine stocks surged on Wednesday, 17 October, as the United States resolved its debt deal as well as ended the partial government shutdown.

The benchmark Philippine Stock Exchange index (PSEi) jumped by 1.19% or 77.31 points to close the day’s trading at 6,560.88, finally breaking the 6,500-mark as investors cheered the resolution on the debt impasse in Washington.

All counters are in the green, led by the Mining and Oil index, which extended its gains by a further 1.79%. The Property segment came in at second, gaining 1.44%, while the Holding Firms sector edged higher by 1.4%.

Trading was slightly heavy, with value turnover reaching PhP8.25 billion on 4.1 billion shares traded. There were 96 gainers today against 57 losers, while 37 stocks were flat.

PSE-17-10-13Today’s most active stocks include Philippine Long Distance Telephone Co. (TEL, PhP2,852.00, -0.28%), BDO Unibank Inc. (BDO, PhP81.00, 1.25%), Alliance Global Group Inc. (AGI, PhP26.00, 2.97%), Universal Robina Corp. (URC, PhP122.00, 0.83%), Metro Pacific Investments Corp. (MPI, PhP4.95, 3.99%), Metropolitan Bank & Trust Co. (MBT, PhP90.70, 1.4%), Manila Electric Co. (MER, PhP308.00, -1.6%), GT Capital Holdings Inc. (GTCAP, PhP835.00, 3.21%), SM Investments Corp. (SM, PhP848.00, 0.95%) and Aboitiz Power Corp. (AP, PhP35.00, 1.16%).

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