Stocks cheer easing of lockdown in MM

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Share prices ended higher yesterday on investors’ optimism over the reopening of businesses after a long period of lockdown.

The Philippine Stock Exchange index (PSEi) was up 91.83 points or by 1.56 percent to 5,930.17.

The broader all shares index was up 52.52 points or by 1.52 percent to 3,510.22.
Gainers edged losers 127 to 63 with 37 stocks unchanged. Trading turnover reached P6.98 billion.

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The peso closed at 50.32 to the dollar, up from 50.61 on Friday.

The currency opened at 50.50, hit a high of 50.315 and a low of 50.53. Trading turnover reached $699.75 million.

“Local shares continued their rise close to the 6,000 territory as investors grew optimistic with businesses returning closer to normal during GCQ (general community quarantine),” said Luis Limlingan, managing director at Regina Capital Development Corp.

Limlingan said the Philippines is also being perceived “as a less risky asset with investors awaiting US President Donald Trump’s response to a Chinese national security law for Hong Kong and its potential impact on an already fragile global economy.”

“Meanwhile, oil jumped more than 5 percent last Friday, capping off its best month in history, as an uptick in demand and record supply cuts pushed prices higher. WTI (West Texas Intermediate) finished May with a gain of 88 percent at $35 per barrel. Brent crude gained 4 cents or 0.11 percent to settle at $35.33 per barrel,” it said.

Most actively traded SM Investments Corp. was up P5 to P920. GT Capital Holdings Inc. was down P11 to P376. Security Bank Corp. was up P7.30 to P89. Ayala Corp. was down P2.50 to P745. SM Prime Holdings Inc. was up P1.60 to P31.75. BDO Unibank Inc. was down P1.40 to P99. Jollibee Foods Corp. was up P6.40 to P115.10. Universal Robina Corp. was P1.50 to P132.50. Ayala Land Inc. was up P0.55 to P32.55. Metro Pacific Investments Corp. was up P0.23 to P3.12.

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