Share prices were up Thursday as investors bet the government will further ease restrictions starting today.
The Philippine Stock Exchange index (PSEi) was up 18.77 points to 6,952.88, a 0.27 percent hike.
The broader all shares index was up 28.83 points to 4,325.84, a 0.67 percent hike.
Gainers edged losers 115 to 78 with 51 stocks unchanged. Trading turnover reached P9.88 billion.
The peso closed at 51 to the dollar, down from 50.865 on Wednesday.
The currency opened at 50.85, hitting a high of 50.79 and a low of 51. Trading turnover reached $1.1 billion.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the uptick was in the back of “investors anticipate easing of restrictions starting October 1 despite a higher unemployment rate in August.”
“The market awaits the decision of the government for the next quarantine measures that should be announced Thursday. Given that the COVID-19 cases show signs of slowing down, investors anticipate laxer quarantine measures this October. In addition, month-end window dressing also pushed the market to end in the green,” he said.
Tantiangco also said investors shrugged off the higher unemployment rate in August since this has been priced in by the investors.
“If we can remember, the government imposed the strictest lockdown measures once again in August so the unemployment rate is expected to be higher than July,” he said.
Most actively traded Converge Information and Communication Technology Solutions Inc. was up P2 to P40. Monde Nissin Corp. was up P0.98 to P18.80. Ayala Corp. was up P8 to P817. International Container Terminal Services Inc. was down P5 to P195. BDO Unibank Inc. was down P2.80 to P110.60. AC Energy Corp. was down P0.02 to P11.28. SM Prime Holdings Inc. was down P0.95 to P32.75. PLDT Inc. was up P49 to P1,680. Wilcon Depot Inc. was up P0.90 to P27.50. DMCI Holdings Inc. was up P0.28 to P7.10.
