Stocks hit 3-month high

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Share prices ended up for the seventh consecutive day yesterday as investors took to overseas leads to trade the market.

The Philippine Stock Exchange index was up 271.84 points to 6,517.49, a 4.35 percent hike. This is the PSEi’s highest close since hitting 6,770.38 on March 6, 2020.

The broader all shares index was up 126.72 points to 3,785.03, a 3.46 percent hike.
Gainers edged losers 132 to 65 with 42 stocks unchanged. Trading turnover reached P11.52 billion.

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The peso closed at 50 to the dollar, up from 50.10 on Wednesday.

The currency opened at 49.93, hit a high of 49.92 and a low of 50.03. Trading turnover reached $602.2 million.

SB Equities Inc. said this is the seventh straight day of the market to close up “as optimism over a speedy economic recovery, both locally and abroad, showed no signs of abating.”

“Amid global risk-on sentiment as more lockdown measures are eased, the PSEi surged all session and finished on its high,” it said.

Luis Limlingan, managing director at Regina Capital Development Corp.,said investors were also betting on the economic data that “pointed to less severe damage from the COVID-19 pandemic than feared.”

Most actively traded GT Capital Holdings Corp. was up P59 to P444. Ayala Corp. was up P42.50 to P789. SM Prime Holdings Inc. was up P0.45 to P33.95. Bank of the Philippine Island was up P5 to P77. Ayala Land Inc. was up P1.50 to P37.50. BDO Unibank Inc. was up P6.60 to P109. Metropolitan Bank and Trust Co. was up P3.60 to P43. Security Bank Corp. was down P1 to P101. Metro Pacific Investments Corp. was up P0.14 to P3.31.

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