Shares rise in step with regional peers

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    Share prices ended higher Wednesday tracking overseas leads.

    The Philippine Stock Exchange index (PSEi) was up 71.97 points to 7,299.70, a 1 percent hike.

    The broader all shares index was up 29.44 points to 4,350.45, a 0.68 percent hike.

    Gainers edged losers 133 to 90 with 47 stocks unchanged. Trading turnover reached P9.31 billion.

    The peso closed at 48.066 to the dollar, down from 48.063 on Tuesday. It opened at 48.06 and hit a high of 48.05 and a low of 48.066. Trading turnover reached $499.86 million.

    “Philippine shares rose on Wednesday, moving in step with US and regional peers on optimism over US fiscal stimulus talks and vaccine rollout, ahead of monetary policy decisions from the Fed and the BSP (Bangko Sentral ng Pilipinas),” said stockbroker SB Equities Inc.

    “With sentiment also being buoyed by resilient OF (oversease Filipino) remittance data and congressional approval extending the validity of the 2020 national budget and Bayanihan 2 next year, the local bourse recovered from a soft open to finish firmly on its day high,” it added.

    Japhet Tantiangco, analyst at Philstocks Financial Inc. investors were “cheered by the 2.9 percent improvement in October 2020 cash remittances.”

    Tantiangco, however, said foreign funds were net sellers at P501.32 million net selling.

    Most actively traded BDO Unibank Inc. was up P0.90 to P115.40. SM Investments Corp. was up P25 to P1,075. Premier Horizon Alliance Inc. was up P0.18 to P1.17. SM Prime Holdings Inc. was up P0.65 to P38.80. Abra Mining and Industrial Corp. was down P0.0002 to P0.0028. PLDT Inc. was down P30 to P1,330. Metropolitan Bank and Trust Co. was up P0.20 to P50. International Container Terminal Services Inc. was up P1.80 to P123.

    Robinsons Land Corp. was up P0.05 to P21.70. Jollibee Foods Corp. was down P0.80 to P206.20.