Share prices ended up Monday on bargain-hunting.
The Philippine Stock Exchange index (PSEi) was up 78.95 points to 6,913.87, a 1.15 percent hike.
The broader all shares index was up 35.48 points to 4,270.02, a 0.84 percent hike.
Losers edged gainers 106 to 94 with 54 stocks unchanged. Trading turnover reached P4.84 billion.
The peso closed at 50.12 to the dollar, down from 50.08 on Friday. It opened at 50.05, hitting a high of 50.03 and a low of 50.16. Trading turnover reached $664.2 million.
The peso, which has been under pressure from rising inflation and a burgeoning trade deficit, weakened 0.2 percent, even as the central bank committed to a market-determined foreign exchange rate and an accommodative monetary policy to support the economy.
Luis Limlingan, managing director at Regina Capital Development Corp., said the market “kicked off Monday on a high note with shares trading back in the 6900 range with a spillover from sentiment after a bullish Friday that saw the Dow and S&P 500 climbing to record levels anew.”
“Investors will also look to the release on inflation on Tuesday and PPI on Wednesday for cues on market movement,” he said.
“This comes as bargain hunters took opportunities out of its preceding four consecutive days of decline,” said Japhet Tantiangco, analyst at Philstocks Financial Inc.
“Trading remained thin however with net value turnover posting P4.59 billion, below the year-to-date average of P7.59 billion. This shows that many investors are still staying out of the market amid the lingering uncertainties stemming from the COVID-19 pandemic, primarily the Delta variant,” he added.
Foreign funds were net sellers worth P205.18 million.
Most actively traded AC Energy Corp. was up P0.16 to P8.86. Converge Information and Communication Technology Solutions Inc. was up P0.65 to P23.3. Ayala Land Inc. was up P0.05 to P36.95. SM Prime Holdings Inc. was steady at P36. Globe Telecom Inc. was up P18 to P1,983. Bank of the Philippine Islands was down P1.10 to P87.30. BDO Unibank Inc. was up P2 to P112.50. PLDT Inc. was down P10 to P1,290. SM Investments Corp. was up P19 to P1,019. Boulevard Holdings Inc. was up P0.007 to P0.149. – Ruelle Castro
