SHARE prices ended mixed Thursday as investors digested the report of an economic contraction in the first quarter amid an expectation of a relaxed community quarantine for the rest of May.
The Philippine Stock Exchange index (PSEi) was up 13.89 points to 5,653.16, a 0.25 percent hike.
The broader all shares index was down 2.17 points to 3,413.88, a 0.06 percent drop.
Losers edged gainers 112 to 63 with 42 stocks unchanged. Trading turnover reached P4.86 billion.
The peso closed at 50.56 to the dollar, down from 50.46 on Wednesday.
The peso opened at 50.54, hit a high of 50.48 and a low of 50.57. Trading turnover reached $558.39 million.
Luis Limlingan, managing director at Regina Capital Development Corp., said investors brushed off the contraction in the first quarter of the year “with the possibility the country may ease the lockdown after May 15 as mentioned by the administration.”
“First quarter output for the country was reported at -0.2 percent, which is the first time negative growth was experienced in more than 20 years. The COVID-19 pandemic has been the main culprit as with major economies across the globe that are also experiencing the same slowdown,” Limlingan said.
“However the local bourse still managed to eke out reasonable gains with expectations that the country may have soon reached the bottom, and the reopening of economy is soon and imminent,” Limlingan added.
Most actively traded PLDT Inc. was down P48 to P1,227. SM Prime Holdings Inc. was up P0.90 to P30.90. Ayala Corp. was up P23 to P662. BDO Unibank Inc. was up P1.30 to P97.40. Metro Pacific Investments Corp. was down P0.03 to P2.75. Ayala Land Inc. was up P0.25 to P33.75. Globe Telecom Inc. was down P40 to P46. Pure Gold Price Club Inc. was down P0.40 to P46. SM Investments Corp. was down P5.50 to P826.50.
