PSEi bounces back as economic team kept intact

MANILA, Philippines — Investors yesterday closed the week on a buying spree after finding solace in the reinstatement of economic managers in President Marcos’ Cabinet, signaling policy continuity.

The benchmark Philippine Stock Exchange index surged by 107.73 points or 1.71 percent to land at 6,413.1, as investors were heartened by the President’s decision to keep his economic team unchanged.

The broader All Shares index also picked up by 38.61 points or 1.04 percent to close at 3,746.79.

Executive Secretary Lucas Bersamin yesterday announced that Marcos is reinstating Budget Secretary Amenah Pangandaman, Finance Secretary Ralph Recto, as well as Department of Economy, Planning and Development Secretary Arsenio Balisacan.

This signals that the government is likely sustaining its economic policies until the end of Marcos’ term in 2028.

Regina Capital Development Corp. head of sales Luis Limlingan said investors are also looking at the President’s directive to ask for the courtesy resignation of his entire Cabinet as a window for reform policies. They also see it as an opportunity to improve market operations.

“Local bourse closed higher as investors engaged in bargain hunting following recent declines, focusing on prospects for reforms and improved market operations,” Limlingan said.

The PSEi saw all of its industries recover, with the exception of mining and oil, as it turned over P6.25 billion in shares, as gainers beat losers, 109 to 83, with 54 issues unchanged.

Logistics giant ICTSI was the most actively traded stock, gaining one percent to P404 a piece, followed by BDO Unibank and SM Investments.