SHARE prices ended up Monday on bargain-hunting as the market entered a shortened trading week in observance of the Lenten season.
The Philippine Stock Exchange index (PSEi) was up 223.84 points or by 4.19 percent to 5,570.81.
The broader all shares index was up 101.09 points or by 3.1 percent to 3,360.75 points.
Gainers edged losers 119 to 76 with 41 stocks unchanged. Trading turnover reached P4.86 billion.
The peso closed at 50.72, steady from Friday’s close.
The currency opened at 50.72, hit a high of 50.65 and a low of 50.85. Trading turnover reached $357.07 million.
Stockbroker SB Equities Inc. said the market went up “amid optimism that a peak could have been reached in some of the world’s virus epicenters following a drop in the death rate on Sunday.”
“Despite foreign outflow also extending to sixteen straight sessions, the PSEi trekked higher all day on broad-based bargain hunting,” SB Equities said.
Luis Limlingan, managing director at Regina Capital Development Corp., said cases in the Eurozone epicenter have declined, “signalling the possibility of some stability in the spread of the disease.”
“Spain became the epicenter of the pandemic in Europe as the total number of cases surpassed Italy, but deaths in both of those countries and France all fell on Sunday from the previous day. Sweden is bracing for thousands of deaths, Dubai expanded limits on movement, and a quarter of French workers are now getting jobless benefits,” he said.
Limlingan noted that global cases are just shy of 1.25 million, with about 68,000 dead and a quarter million recovered.
“Here at home, investors are waiting the latest inflation data which will be out tomorrow,” he said.
Most actively traded SM Investments Corp. was up P25 to P850. SM Prime Holdings Inc. was up P1.15 to P30.15. Universal Robina Corp. was up P13.70 to P116.70. Ayala Land Inc. was up P0.50 to 32.50. Ayala Corp. was up P29 to P480. Globe Telecom Inc. was up P250 to P2,300. Bank of the Philippine Islands was up P1.40 to P62. Megaworld Corp. was up P0.06 to P2.58. BDO Unibank Inc. was up P3.20 to P102.50. Jollibee Foods Corp. was up P4 to P106.
