Share prices ended higher Tuesday on bargain-hunting after the recent bloodbaths.
The Philippine Stock Exchange index (PSEi) was up 30.90 points to 4,774.27, a 0.65 percent hike.
The broader all shares index was up 20.93 points to 2,947.95, a 0.72 percent hike.
Gainers edged losers 114 to 68 with 31 stocks unchanged. Trading turnover reached P5.08 billion.
The peso closed at 50.90 to the dollar, up from 51.33 on Monday.
The currency opened at 51.20, hit a high of 50.90 and a low of 51.21. Trading turnover reached $563.9 million.
Broker SB Equities Inc. said the market rose “amid optimism over stimulus to combat a coronavirus-led economic slowdown, including the Federal Reserve’s pledge of an open-ended asset purchase program.”
Luis Limlingan, managing director at Regina Capital Development Corp., said during trading, the Bangko Sentral ng Pilipinas also announced that it will cut banks’ reserve requirement ratio by 200 basis points effective March 30.
“The sudden move is projected to inject an additional P200 billion into the economy and provide some cushion to the perceived slowdown,” Limlingan said.
Most actively traded Ayala Land Inc. was up P1.60 to P29.10. SM Prime Holdings Inc. was up P0.80 to P25.50. BDO Unibank Inc. was down P0.70 to P94. Ayala Corp. was up P24.60 to P439.60. SM Investments Corp. was up P1.50 to P747.50. Metropolitan Bank and Trust Co. was down P0.80 to P35.30. International Container Terminal Services Inc. was down P3.45 to P66.05. Bank of the Philippine Islands was up P0.60 to P52. Megaworld Corp. was up P0.10 to P1.99. Jollibee Foods Corp. was steady at P95.
