Share prices ended up Tuesday as investors bet on the positive impact of the government’s decision to lower the quarantine restrictions in and around Metro Manila.
The Philippine Stock Exchange index (PSEi) was up 87.67 points to 6,156.45, a 1.44 percent hike. The broader all shares index was up 41.44 points to 3,635.78, a 1.15 percent hike.
Gainers edged losers 117 to 71 with 43 stocks unchanged. Trading turnover reached P5.96 billion.
The peso closed at 48.625 to the dollar, up from 48.71 on Monday.
The currency opened at 48.66, an intraday low and hit a high of 48.61. Trading turnover reached $875.4 million.
Reuter reported analysts credit the PSEi’s upward close Tuesday to the easing of strict restrictions in and around capital Manila, while data showed a 7.7-percent growth in June overseas remittances, a key source of foreign income.
“The June report shows how resilient remittance flows can be even during crisis periods…but we will wait to see if remittance growth can be sustained given that up to 100,000 Filipino workers are set to return home after losing their jobs overseas,” analysts at ING said in a note.
Most actively traded SM Investments Corp. was up P30 to P910. International Container Terminal Services Inc. was up P2.50 to P110. Ayala Land Inc. was down P0.25 to P32.85.
AREIT Inc. was down P0.15 to P25.80. Universal Robina Corp. was down P0.20 to P142.60.
SM Prime Holdings Inc. was up P0.60 to P32. MerryMart Consumer Corp. was up P0.18 to P3.17. BDO Unibank Inc. was up P1.05 to P92.05. Ayala Corp. was up P2 to P762. Bank of the Philippine Islands was up P0.55 to P65.70.
Most of Asia’s emerging currency and stock markets rose on Tuesday as the US dollar eased and upbeat data gave investors hopes of a bounce in economic output and cash inflows, according to a Reuters report.
Shares in Indonesia hit a more than five-month high, boosted by gains in the financial and consumer sectors, after current account data topped expectations and a state budget pointed to higher spending for public works.
Currencies inched higher, led by an almost half percent gain for the Taiwan dollar. The rupiah bucked the trend with an almost 1 percent fall in early trade before recovering some ground after the data showed Indonesia’s current account deficit narrowing slightly. In South Korea, the won dipped and shares fell 0.2 percent, as trade resumed after Monday’s holiday, with a spike in domestic coronavirus infections denting sentiment.
