Shares snap 4-day slump

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    Share prices ended higher yesterday on investor enthusiasm over the development of a vaccine against the new coronavirus disease 2019 (COVID-19).

    The Philippine Stock Exchange index (PSEi) was up 218.1 points to 7,009.56, a 3.21 percent hike.

    The broader all shares index was up 99.39 points to 4,199.67, a 2.42 percent hike.
    Gainers edged losers 119 to 102 with 35 stocks unchanged. Trading turnover reached P10.89 billion.

    The peso closed at 48.05 to the dollar, up from last week’s 48.06.

    The currency opened at 48.11 and hit a high of 48.045 and a low of 18.16. Trading turnover reached $722.6 million.

    “Philippine stocks jumped on Tuesday following a three-day break and snapping a four-session slump last week as enthusiasm over positive COVID-19 vaccine developments and probable enactment of the CREATE (Corporate Recovery and Tax Incentives for Enterprises) bill buoyed sentiment,” said SB Equities Inc.

    “With investors also looking to buy into Friday’s MSCI-led rebalancing dip, the local bourse shrugged off a weak open to advance for the bulk of the session,” it added.

    Most actively traded Bank of the Philippine Islands was down P2.90 to P80.10. Ayala Land Inc. was up P1.75 to P39.75. International Container Terminal Services Inc. was up P7.20 to P124. BDO Unibank Inc. was up P1.70 to P105. SM Investments Corp. was up P49 to P1,019. Robinsons Land Corp. was up P0.84 to P17.46.

    Phoenix Petroleum Corp. was down P0.30 to P12.50. SM Prime Holdings Inc. was up P2 to P38. Ayala Corp. was up P6.50 to P830. Metropolitan Bank and Trust Co. was down P0.15 to P47.80.