SHARE prices ended higher yesterday as investors took to positive overseas leads to trade the market.
The Philippine Stock Exchange index (PSEi) was up 56.74 points to 5,700.71, a 1 percent hike.
The broader all shares index was up 20.55 points to 3,445.83, a 0.6 percent hike.
Gainers edged losers 120 to 71 with 4 stocks unchanged. Trading turnover reached P6.58 billion.
The peso closed at 50.40 to the dollar, up from 50.51 on Wednesday.
The currency opened at 50.41, hit a high of 50.40 and a low of 50.50. Trading turnover reached $906.8 million.
“Philippine equities jumped on the back of positive data from a potential coronavirus treatment from Gilead Sciences, continued effort from the Federal Reserve to sustain US growth,” said Luis Limlingan, managing director at Regina Capital Development Corp.
Limlingan said a study of Gilead’s Remdesivir drug conducted by the National Institute of Allergy and Infectious Diseases met its primary endpoint, “lifting expectations for a potential coronavirus treatment.”
Stockbroker BPI Securities Corp. expects the PSE to end the year “closer to the 6,200-6,600,” despite the global economic uncertainties triggered by the COVID-19 pandemic.
Haj Narvaez, BPI Securities president, said the local market may extend some of its gains into 2021 “as investors start to price in the likelihood of an economic recovery.”
“Some sectors are probably doing better than others. Consumer manufacturing generally has been good, because there’s been a huge spike in demand for staple items. As for retail, a lot of companies derive their revenues from the supermarket-side of the business. So the near-term outlook has been positive,” Narvaez said.
Most actively traded Ayala Land Inc. was up P0.95 to P31.95. PLDT Inc. was up P29 to P1,299. SM Prime Holdings Inc. was up P0.05 to P31. International Container Terminal Services Inc. was up P3.40 to P89.60. Metropolitan Bank and Trust Co. was up P1.45 to P39.05. Jollibee Foods Corp. was up P3.90 to P143.10. BDO Unibank Inc. was was up P2.30 to P101. Universal Robina Corp. was up P3.90 to P125.90. Pure Gold Price Club Inc. was down P0.10 to P46.30. SM Investments Corp. was down P14to P845.
