PSEi surges to 6,300 level as blue chips rally

THE PHILIPPINE stock benchmark jumped to a near five-month high on Tuesday as blue chips jumped and after the Bangko Sentral ng Pilipinas (BSP) chief said another rate cut remains on the table.

The Philippine Stock Exchange index (PSEi) surged by 2.48% or 153.38 points to end at 6,317.91, while the broader all shares index increased by 0.97% or 34.61 points to 3,588.35.

This was the PSEi’s best finish in nearly five months or since it closed at 6,325.09 on Aug. 13.

“The local market roared loudly to its third consecutive win. The rally was mainly fueled by the huge rebounds from ICT and JFC, with the latter announcing a spin-off of its international business from its local operations and a potential US listing to boot,” AP Securities, Inc. said in a market note, referring to the ticker symbols of International Container Terminal Services, Inc. (ICTSI) and Jollibee Foods Corp., respectively.

Shares in Jollibee rose by P26.60 or 14.5% to end at P210 apiece as the food giant said it plans to spin off its international operations and list the new unit on a US stock exchange by late 2027 as it continues its global expansion.

Meanwhile, ICTSI shares jumped by P32.50 or 5.7% to close at P603 each.

“The PSEi gained for the third straight trading day of 2026 after the latest dovish signals from BSP Governor Eli M. Remolona, Jr. that another 25-basis-point (bp) BSP rate cut is on the table in February,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The latest consumer price index data remains relatively benign at 1.8%, below the BSP’s target range of 2-4% for the 10^th straight month, and thereby could still support and justify future BSP rate cuts.”

Mr. Remolona said on Tuesday that they could consider a sixth straight reduction at the Monetary Board’s Feb. 19 meeting, but noted that the current policy rate of 4.5% is already “very close” to where they want it to be. “There’s a chance that we may cut some more, and there’s also a chance that we may not move at all. But there’s not a lot of probability that we will raise in 2026.”

“The PSEi also gained recently amid the continuation of the start-of-the-year rally as also seen in some Asian stock markets, some of which posted new record highs,” Mr. Ricafort added.

All sectoral indices closed in the green on Tuesday. Services surged by 4.01% or 96.11 points to 2,487.99; industrials increased by 2.54% or 225.04 points to 9,060.60; financials went up by 2.14% or 45.14 points to 2,151.35; holding firms climbed by 1.84% or 90.27 points to 4,974.7; mining and oil jumped by 1.74% or 278.10 points to 16,258.96; and property increased by 0.27% or 6.41 points to 2,312.65.

Advancers outnumbered decliners, 141 to 72, while 50 names closed unchanged.

Value turnover went up to P8.31 billion on Tuesday with 1.34 billion shares traded from the P5.74 billion with 948.53 million issues dealt on Monday.

Net foreign buying ballooned to P1.25 billion from P330.78 million. — A.G.C. Magno