Shares up on bargain-hunting

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    Share prices ended up Monday as investors took to bargain- hunting after several days of decline.

    The Philippine Stock Exchange index was up 202.14 points to 6,814.76, a 3.06 percent hike. The broader all shares index was up 96.34 points to 4,104.67, a 2.4 percent hike.

    Gainers edged losers 130 to 82 with 45 stocks unchanged. Trading turnover reached P9.98 billion.

    The peso closed at 48.065 to the dollar, up from 48.08 last week.

    The currency opened at 48.06 and hit a high of 48.05 and a low of 48.077. Trading turnover reached $787.95 million.

    SB Equities Inc. said the market “bounced back from near three-month lows following last week’s plunge on the back of positive January manufacturing PMI data and expectations of community quarantine easing in the first quarter.”

    “With the recent correction also seen as a buying window, the PSEi traded in the green all session despite net foreign outflows extending to twelve days,” it said.

    Luis Limlingan, managing director at Regina Capital and Development Corp., said investors were likewise encouraged by news over the weekend where it was reported that the Philippines “will be receiving around 5.6 million doses of COVID-19 vaccines produced by Pfizer and AstraZeneca Plc within this quarter under the COVAX facility.

    “About 117,000 doses of Pfizer vaccines are expected to arrive in the country in the middle of Febuary, while AstraZeneca would be delivering 5.5 million to 9.3 million doses in the first half,” he said.

    “Furthermore, Mr. (National Policy Against COVID-19 chief implementer Carlito) Galvez emphasized that health workers, medical-related personnel and other frontliners will be prioritized under the vaccination program,” Limlingan added.

    Apollo Global Capital Corp. was up P0.23 to P0.217. Dito CME Holdings Corp. was up P0.50 to P12.50. PLDT Inc. was up P93 to P1,406. SM Investments Corp. was up up P2.25 to P37.55.  BDO Unibank Inc. was up P3.30 to P104. JG Summit Holdings Inc. was up P3.75 to P64.55.