The Philippine market ended slightly higher on Thursday as buying pressure remained strong, with investors taking advantage of relatively cheap stock prices.
The peso closed at P59 to the U.S. dollar on Thursday, also slightly stronger than Wednesday’s 59.17.
Regina Capital Development Corp. head of sales Luis Limlingan said the Philippine Stock Exchange index moved to 5,726.99 up by 0.23 percent driven by renewed optimism following the release of some corporate earnings.
The PSEi joined many of its regional peers in the green territory as the local market extended its gains as the end of the US government’s shutdown with the signing of the funding bill compelled investors to do more bargain hunting.
Trading was quite active with net value turnover at P6.08 billion, higher than the year-to-date average of P5.87 billion.
Foreigners were net sellers with net outflows at P409.21 million.
The market closed with 95 gainers, 82 decliners, and 51 remained unchanged. Market turnover was at P6.07 billion net of extraordinary block sales.
Sectors were mixed with the services gaining the most, up 2.18 percent. The banks lost the most, cutting 1.13 percent.
Advancers outnumbered decliners 95 to 82.
Globe Telecom, Inc. was the day’s index leader, jumping 9.79 percent to P1,648.00. Aboitiz Equity Ventures, Inc. was the main index laggard, falling 6.20 percent to P24.20.
Shares price of Golden MV Holdings, Inc., the death care company of billionaire Manuel Villar, plunged nearly 30 percent on Thursday after resumption of trading.
Shares of Golden Haven opened higher at P2,300 versus P2,296.00 when it was last traded in May 15. However it closed at P1,608, down 29.97 percent.
The Philippine Stock Exchange lifted the trading suspen-sion against Golden Haven shares on Thursday after submitting its 2024 annual report, and first quarter and second quarter 2025 financial reports.
“The lifting of the trading suspension only relates to the company’s submission of its compliant structured re-ports. This does not preclude any regulatory action that the exchange may take in relation to the company’s compliance with other relevant laws, rules, and regula-tions,” PSE in a notice posted on its website.
Securities and Exchange Commission is currently con-ducting a fact-finding investigation pertaining to the Golden Haven regarding the valuation of the properties it acquired that saw its net income surge to nearly P1 tril-lion in 2024.
In September 2024, the company acquired Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp., which collectively own 366 hectares of land within Villar City, a 3,500-hectare development south of Manila.
