SHARE prices ended higher yesterday as investors took to bargain hunting amid expectation of an easing in the new coronavirus disease 2019 pandemic.
The Philippine Stock Exchange index (PSEi) was up 165.17 points or by 2.86 percent to 5,946.05.
The broader all shares index was up 82.78 points or by 2.39 percent to 3,551.73.
Gainers edged losers 135 to 66 with 40 stocks unchanged. Trading turnover reached P9.1 billion.
The peso closed at 50.62 to the dollar, slightly up from 50.63 on Tuesday.
The currency opened at 50.65, hit a high of 50.60 and a low of 50.67. Trading turnover reached $248.6 million.
“Local shares continued to jump, resuming the market’s sharp rebound from last month’s lows, as investors grew more optimistic about the COVID-19 outbreak,” said Luis Limlingan, managing director at Regina Capital Development Corp.
“Spain, Germany and Italy all reported fewer infections, suggesting the crisis continues to ease. Total cases reached 1.98 million, while deaths are nearing 125,000. Larry Kudlow (director of the US National Economic Council) said President Trump will make some ‘important announcements’ regarding state guidelines on reopening the U.S. economy,” he said.
Most actively traded Metropolitan Bank and Trust Co. was up P2.25 to P41.10. BDO Unibank Inc. was up P6 to P108.50. Jollibee Foods Corp. was up P2.10 to P148.60. SM Investments Corp. was down P6 to P862. Ayala Corp. was up P38 to P588. SM Prime Holdings Inc. was up P1 to P31.90. Ayala Land Inc. was up P0.25 to P34.
