Stocks shrug off early profit-taking

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Share prices ended higher Tuesday tracking overseas leads. The Philippine Stock Exchange index was up 69.84 points to 6,583.84, a 1.07 percent hike.

The broader all shares index was up 34.69 points to 3,862.09 a 0.91 percent hike.
Gainers edged losers 135 to 73 with 43 stocks unchanged. Trading turnover reached P8.54 billion.

The peso closed at 49.95 to the dollar, down from 49.90 on Monday. The currency opened at 49.85 and hit a high of 49.85 and a low of 50.01. Trading turnover reached $887.46 million.

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“Philippine shares climbed once more as the theme remained the same: lockdown measures eased across all countries ang regions, sparking optimism about the potential for economic recovery,” said Luis Limlingan, managing director at Regina Capital Development Corp.

SB Equities Inc. said the market shrugged off early profit-taking as it also took into account the overnight uptick in the US market which erased its year-to-date losses.

Most actively traded Ayala Land Inc. was steady at P38. Alliance Global Group Inc. was down P0.20 to P7.30. SM Prime Holdings Inc. was up P0.10 to P33.50. Jollibee Foods Corp. was up P6.40 to P138.90.

Ayala Corp. was up P2 to P800. SM Investments Corp. was steady at P950. BDO Unibank Inc. was up P3.50 to P110.50. GT Capital Holdings Corp. was up P17.50 to P530. Security Bank Corp. was down P3.40 to P108.10. PLDT Inc. was up P54 to P1,194.

In other Southeast Asian markets, Singapore stocks rose on Tuesday, putting them on course for their longest winning streak since March last year, while Malaysia gained over 2 percent after saying it would restart nearly all economic activity after months under coronavirus-related curbs.

With gains on developed markets driving stock markets globally higher, Thai shares were also set for their longest rally since June 2019 and Indonesian equities extended gains to a third day.

The Indonesian market has been the region’s worst hit in the coronavirus crisis, still down 19 percent for the year so far, despite a recovery across the region that has taken Malaysia close to positive territory for 2020 and limited the Bangkok and Ho Chi Minh exchanges to single-digit percentage losses.

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