The local stock barometer continued to climb on Wednesday, October 21, as foreigners finally picked up more stocks than they sold and broke the 28-day net foreign selling streak.

The Philippine Stock Exchange index (PSEi) went up by over 2.7% to 6,278, with all sub-indices ending in the green.

Foreign buying hit P5.4 billion, while foreign selling posted close to P5.1 billion, resulting in net foreign buying worth P343 million. 

“Positive sentiment carried over to the Philippine market after negotiations on a new round of fiscal stimulus looked like making some progress with the Trump administration and House Democrats set to talk again,” said Luis Limlingan of Regina Capital. (READ: Revitalized stimulus hopes send US stocks up)

Blue-chip companies were the most actively traded stocks, with Ayala Land gaining 3.7%.

GT Capital (1.98%), BDO Unibank (3.47%), Jollibee (0.59%), BPI (9.86%), and SM Investments (1.2%) all traded higher on Wednesday. 

Only LT Group (-0.6%), Bloomberry (-0.9%), Metro Pacific Investments (-1.7%), and Meralco (-2.17%) posted lower values among the PSEi members.

Advancers once again outnumbered decliners, 163 to 49, while 39 companies were unchanged.

Corporate news

First Gen – Its subsidiary, FGEN LNG Corporation, has started a bid process for its planned chartering of a floating storage regasification unit (FSRU) to be built in Batangas City.

The binding invitation to tender was issued to 3 preferred tenderers: BW Gas Limited, GasLog LNG Services, and Hoegh LNG Asia.

The project will allow FGEN LNG to accelerate its ability to introduce liquefied petroleum gas to the Philippines as early as the 3rd quarter of 2022, to serve the natural gas requirements of existing and future gas-fired power plants of its third parties and affiliates.

Rockwell Land – The company teamed up with TGN Realty to develop a 3.6-hectare mixed-use community in Angeles City, Pampanga.

The project will have 3 residential towers complemented by a retail component which is poised to be “the Power Plant Mall in Angeles, the first Rockwell mall outside Metro Manila.”

The new Rockwell residential community is targeted to launch in the 2nd half of 2021. – Rappler.com