Share prices ended higher Tuesday as investors were encouraged by the decision to slightly ease quarantine restrictions in the National Capital Region and its surrounding areas.
The Philippine Stock Exchange index (PSEi) was up 59.24 points to 6,976.73, a 0.86 percent hike.
The broader all shares index was up 31.52 poins to 4,222.88, a 0.75 percent hike.
Gainers edged losers 106 to 101 with 59 stocks unchanged. Trading turnover reached P8.03 billion.
The peso closed at 48.03 to the dollar, down from 47.89 on Monday. The currency opened at 47.90 and hit a high of 47.89 and a low of 48.077. Trading turnover reached $1.16 billion.
The peso fell the most in more than two months on Tuesday after coronavirus curbs were prolonged in the capital Manila and nearby provinces until end-June and quarantine measures were tightened to battle rising infections.
The peso slid as much as 0.4 percent to a more than two-week low and was on track for its worst day since April 7, Reuters reported.
The Philippines has the second highest number of infections and casualties in Southeast Asia after Indonesia and finds its healthcare sector stretched as it battles rising cases.
President Duterte announced the extension of curbs on Monday.
“Despite seeing the vaccination in full swing, cases have plateaued at a relatively high daily count of 6,000, complicating the full reopening of the economy,” said Nicholas Mapa, a senior economist at Dutch bank ING.
“Mobility curbs, partial and full, imposed for the entirety of Q2 point to a lower than predicted GDP report,” he said, adding that some traders were also defensive ahead of the US Federal Reserve’s meeting.
Clair Alviar, analyst at Philstocks Financial Inc., said the market uptick was on the back “of further easing of restrictions in the NCR and Bulacan.”
It also helped that the US market was up overnight, she said.
“Overnight, the S&P 500 and the NASDAQ closed at record highs due to the strong performance of the tech shares,” Alviar said.
Most actively traded Jollibee Foods Corp. was up P7.80 to P215. BDO Unibank Inc. was down P1.30 to P112.70. AC Energy Corp. was up P0.34 to P8.34. Ayala Land Inc. was down P0.05 to P37.10. SM Prime Holdings Inc. was up P0.50 to P38. Ever-Gotesco Resources and Holdings Inc. was up P0.01 to P0.53. Boulevard Holdings Inc. was steady at P0.132. SM Investments Corp. was up P15 to P1,015. Ayala Corp. was down P1.50 to P818.50.
Metropolitan Bank and Trust Co. was up P0.25 to P49.50.
