Share prices ended up Wednesday amid bargain hunting as investors bet Metro Manila’s stricter quarantine will not go beyond August 18.
“Local shares marched towards the 6,000 mark for a third day on Wednesday on continued optimism over the likely lifting of tighter quarantine restrictions in the capital region post-August 18 and the possibility of a successful coronavirus vaccine,” said stockbroker SB Equities Inc.
The Philippine Stock Exchange index (PSEi)was up 41.06 points to 5,995, a 0.69 percent hike.
The broader all shares index was up 14.69 points to 3,551.98, a 0.41 percent hike.
Losers edged gainers 102 to 85 with 47 stocks unchanged. Trading turnover reached P5.87 billion.
The peso closed at 48.94 to the dollar, down from 48.92 on Tuesday. It opened at 48.925 and hit a high of 48.92 and a low of 49. Trading turnover reached $795.92 million.
“With the record second quarter GDP tumble seen to be a floor in economic contraction, cautious optimism over improved macro and corporate earnings data over upcoming quarters helped the PSEi trade in the green all session and finish on its high,” SB Equities said.
Most actively traded SM Investments Corp. was up P12 to P870. SM Prime Holdings Inc. was down P0.25 to P30. PLDT Inc. was down P10 to P1,380. Bank of the Philippine Islands was up P1.50 to P62.50. BDO Unibank Inc. was up P1.50 to P90. Universal Robina Corp. was up P4.60 to P141.60. MerryMart Consumer Corp. was down P0.16 to P2.87. Ayala Land Inc. was up P0.20 to P32.80. Ayala Corp. was down P9 to P739. Jollibee Foods Corp. was down P0.90 to P140.20.