The Philippine Stock Exchange index (PSEi) was up 44.85 points to close at 7,326.85, a 0.62 percent hike.
The broader all shares index was up 19.59 points or by 0.45 percent to 4,338.70.
Gainers edged losers 107 to 77 with 49 stocks unchanged. Trading turnover reached P7.84 billion.
The peso closed at 50.57 to the dollar, down from 50.56 on Friday.
The currency opened at 50.58, hit a high of 50.52 and a low of 50.61. Trading turnover reached $971.5 million.
Luis Limlingan, managing director at Regina Capital Development Corp., said the market “notched a gain to start the week, as COVID-19 (corona virus disease) new cases declined sharply and as a White House comment lent support, citing (it was) considering… to incentivize stock purchases as part of new tax package.”
“(With) New measures taken in Hubei and Wuhan to curb movements under the new appointed leaders, (the number of) infected cases declined further to 70,536 and 1,767 death recorded in China. China plans measures to reduce corporate taxes and cut government expenses, Finance Minister Liu Kun wrote in Qiushi, the Communist Party’s flagship magazine,” Limlingan said.
“There will be ‘targeted and phased’ steps to help businesses, he said. As for Hong Kong, it faces ‘tsunami-like’ shocks, and may incur a record budget deficit next fiscal year, Finance Secretary Paul Chan said. G-20 finance leaders will discuss the fallout from the viral outbreak in Riyadh this week,” Limlingan added.
Broker SB Equities Inc. also said “investors sought to pick up battered stocks at attractive valuations.”
Most actively traded SM Prime Holdings Inc. was steady at P41.70. SM Investments Corp. was up P23 to P1,015. Ayala Corp. was up P5 to P750. Ayala Land Inc. was down P0.10 to P41. Bank of the Philippine Islands was down P1.40 to P84.60. ISM Corp. was up P0.10 to P2. BDO Unibank Inc. was up P1.40 to P149.90. JG Summit Holdings Inc. was steady at P74.50. Puregold Price Club Inc. was up P0.05 to P38.25.
