Shares rise as investors focus on US stimulus

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    Share prices ended up Tuesday as investors positioned ahead of the result of the US negotiation over a new stimulus package.

    The Philippine Stock Exchange index (PSEi) was up 93.45 points to 6,112.71, a 1.55 percent hike.

    The broader all shares index was up 40.23 points to 3,681.26, a 1.11 percent hike.
    Gainers edged losers 112 to 98 with 46 stocks unchanged. Trading turnover reached P8.22 billion.

    The peso closed at 48.62 to the dollar, down from 48.60 on Monday.

    The currency opened at 48.54 and hit a high of 48.52 and a low of 48.63. Trading turnover reached $869.33 million.

    “Local shares continued to climb ahead of a key deadline set by House Speaker Nancy Pelosi to reach a deal on new coronavirus stimulus before the election while COVID-19 cases rise,” said Luis Limlingan, managing director at Regina Capital Development Corp.Limlingan said investors’ focus is on the ongoing discussion between US Speaker of the House Nancy Pelosi and US Treasurer Steve Mnuchin over the new US stimulus package, a day before the House speaker’s deadline for a pre-election deal expires.

    “Democrats and the White House remain at odds over the scope of an agreement, with a national testing program, scale of assistance to states and lower-income tax credits among the hang-ups. President Donald Trump has promised he can cajole rebellious Senate Republicans to go along with a multi-trillion-dollar package, despite all evidence to the contrary,” Limlingan said.

    Most actively traded Jollibee Foods Corp. was up P14.40 to P169. Bank of the Philippine Islands was up P2.10 to P69. BDO Unibank Inc. was up P1.80 to P90.80. GT Capital Holdings Corp. was up P25 to P434. Ayala Land Inc. was up P1.50 to P31.35. Philex Petroleum Corp. was down P1.30 to P10.28. SM Investments Corp. was up P16 to P910.

    PLDT Inc. was up P13 to P1,311. MerryMart Consumer Corp. was down P0.23 to P3.15.

    International Container Terminal Services Inc. was down P0.80 to P116.20.