Shares up, investors shift funds to local market

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    Share prices ended higher Wednesday as investors shifted funds to the local market from overseas.

    The Philippine Stock Exchange index (PSEi) was up 92.64 points to 7,051.78, a 1.33 percent hike.

    The broader all shares index was up 41.13 points to 4,144.87, a 1 percent hike.

    Gainers edged losers 126 to 86 with 55 stocks unchanged. Trading turnover reached P10.93 billion.

    The peso closed at 48.22 to the dollar, up from 48.24 on Tuesday.

    The currency opened at 48.28 and hit a high of 48.22 and a low of 48.29. Trading turnover reached $635.8 million.

    Luis Limlingan, managing director at Regina Capital Development Corp., said investors kept their focus on the local market amid “disappointing economic data from the US and accelerating COVID-19 cases.”

    “US stocks took a breather on Tuesday as pharmaceutical shares declined sharply, as well as disappointing economic data,” Limlingan said.

    Overnight, the US market was down 167.09 points to close at 29.783.35. The S&P 500 meanwhile dropped 17.38 points, to close at 3,609.53. At the same time, the Nasdaq Composite dipped 24.79 points to close at 11,899.34.

    Most actively traded BDO Unibank Inc. was up P2.05 to P97.35. Dito CME Holdings Corp. was up P0.24 to P6.54. Bank of the Philippine Islands was up P1.85 to P84.45. SM Investments Corp. was up P27 to P1,029. Ayala Corp. was up P17.50 to P865.50. SM Prime Holdings Inc. was up P0.10 to P38.50. Ayala Land Inc. was up P0.65 to P39.50. MerryMart Consumer Corp. was up P0.45 to P5.15. Converge Information Communication and Technology Solutions Inc. was up P0.04 to P15.70.