PSEi rallies to 5,821.51 on bargain hunting, post-GCash listing

Share prices on the Philippine Stock Exchange continued their rally on Wednesday, supported by bargain hunting and post-GCash parent Mynt Inc.’s public listing, which boosted investor interest.

The local bourse barometer, PSE index, gained 15.34 points or 0.26% to 5,821.51 at the closing bell. The broader All Shares index likewise grew by 4.43 points or 0.14% to close at 3,238.61.

“The local index ended higher as investors continued bargain hunting,” said Luis Limlingan, head of sales at Regina Capital Development.

For his part, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the local market’s rally came “a day after the listing date of the Mynt/GCash… that could have somewhat helped create some interest/excitement in the local stock market.”

Fintech giant Mynt, the parent company of e-wallet GCash, debuted on the local stock market on Tuesday following its initial public offering (IPO), touted as the largest in the PSE’s history after raising P60.9 billion and a market capitalization of P441.5 billion.

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Despite the market’s rally, Limlingan said investor optimism “remained capped amid cautious sentiment” as market participants stayed on the sidelines ahead of the Bangko Sentral ng Pilipinas’ meeting on Thursday, “awaiting further guidance on the central bank’s policy direction.”

More than 986.585 billion shares valued at P7.048 billion were traded.

Advancers led decliners, 92 to 83, and 73 issues were unchanged. — with Jon Viktor D. Cabuenas/BM, GMA News

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