Easing of lockdown bolsters stocks

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    Share prices ended higher Wednesday as investors bet on hopes of the further reopening of the economy.

    The Philippine Stock Exchange index (PSEi) was up 165.88 points to 6,275.59, a 2.71 percent hike.

    The broader all shares index was up 79.59 points to 3,760.85, a 2.16 percent hike.
    Gainers edged losers 163 to 49 with 39 stocks unchanged. Trading turnover reached P10.52 billion.

    The peso closed at 48.585 to the dollar, up from 48.62 on Tuesday. It opened at 48.53, an intraday high and hit a low of 48.625. Trading turnover reached $710.7 million.

    Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market extended its rally Wednesday “amid hopes of further reopening in the local economy, and positive cues from Wall Street brought by optimism on the US fiscal stimulus talks.”

    Tantiangco said for the first time in 28 days, foreign funds were net buyers worth P343.2 million.

    “Wednesday’s rally had conviction with net value turnover registering P9.2 billion, higher than the year-to-date average of P5.9 billion,” he said.

    Most actively traded Ayala Land Inc. was up P1.15 to P32.50. GT Capital Holdings Corp. was up P8.60 to P442.60. BDO Unibank Inc. was up P3.15 to P93.95. Jollibee Foods Corp. was up P1 to P170. Bank of the Philippine Islands was up P6.80 to P75.80. SM Investments Corp. was up P11 to P921. LT Group Inc. was down P0.10 to P11.18. SM Prime Holdings Inc. was up P1.10 to P32.45. PLDT Inc. was steady at P116.20.