Shares hit highest since March lockdown

    1170

    Share prices ended higher Thursday as investors positioned ahead of the culmination of the US election.

    The Philippine Stock Exchange index was up 180.72 points to 6,644.77, a 2.8 percent hike.

    The broader all shares index was up 70.70 points to 3,919.31, a 1.84 percent hike.
    Gainers edged losers 128 to 72 with 53 stocks unchanged. Trading turnover reached P10.18 billion.

    The peso closed at 48.31 to the dollar, up from 48.40 on Wednesday.

    It opened at 48.35, hita high of 48.305 and a low of 48.385. Trading turnover reached $661.87 million.

    “The local bourse surged on Thursday to its highest level since the March lockdown, joining the global upswing as investors positioned for the US election results amid an improving domestic macro environment and the COVID-19 situation,” said SB Equities Inc.

    “After local fresh coronavirus infections were reported at a three-month low and enthusiasm over Wednesday’s positive trade data continuing, the PSEi’s extended Wednesday’s climb,” it added.

    Chris Mangun, head of research at AAA Equities, said investors were also betting on the economy seeing a strong rebound in the fourth quarter.

    “A pick up in government and consumer spending is expected as we approach the Christmas season,” he said.

    Most actively traded SM Investments Corp. was up P14 to P1,010. Dito CME Holdings Corp. was down P0.42 to P5.89. PH Resorts was down P1.09 to P2.18. Ayala Land Inc. was up P0.70 to P34.05. GT Capital Holdings Corp. was up P35 to P485. BDO Unibank Inc. was up P2.35 to P92.85. Jollibee Foods Corp. was up P9.20 to P194.20. SM Prime Holdings Corp. was up P1.45 to P35.30. PLDT Inc. was up P14 to P1,340. Metropolitan Bank and Trust Co. was up P0.05 to P42.80.