Stocks, peso up

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    Share prices ended up Monday on optimism the economy is poised to start gaining momentum after months of quarantine.

    The Philippine Stock Exchange index was up 120.79 points to 6,019.26, a 2.05 percent hike.

    The broader all shares index was up 59.12 points to 3,641.03, a 1.65 percent hike.

    Gainers edged losers 125 to 76 with 46 stocks unchanged. Trading turnover reached P5.44 billion.

    The peso closed at 48.60 to the dollar, up from 48.625 on Friday.

    The currency opened at 48.62, an intraday low, and hit a high of 48.54. Trading turnover reached $508.41 million.

    Reuters reported most other emerging Asian stock markets rose as investors pinned their hopes on the prospect of a fresh US fiscal stimulus deal and took comfort that China’s economic recovery accelerated in the third quarter.

    Uncertainty over whether US lawmakers can agree on a fiscal package before the November 3 election has weighed on sentiment recently. House Speaker Nancy Pelosi said on Sunday she was optimistic legislation could be pushed through before Election Day.
    Most regional currencies inched higher in narrow ranges with the market awaiting signs of progress on a US stimulus deal before making firmer bets.

    Taiwan’s dollar, the region’s best performing currency so far this year as the pandemic drives demand for tech gadgets from the export-reliant economy, continued to be an outlier as it firmed nearly 1 percent.

    Luis Limlingan, managing director at Regina Capital Development Corp., said the market “zoomed past 6,000 after several weeks with gains partly attributed to relieving some fears about regarding economic recovery, better-than-expected US retail sales in September, along with an improvement in consumer sentiment with regards to the easing of transportation and curfew hours in Metro Manila.”

    Most actively traded GT Capital Holdings Corp. was up P21.60 to P409. Dito CME Holdings Corp. was up P0.14 to P6.24. Jollibee Foods Corp. was up P7.60 to P154.60. Apex Corp. was down P0.07 to P2.02. Ayala Land Inc. was up P0.55 to P29.85. PLDT Inc. was up P20 to P1,298. SM Investments Corp. was up P30 to P894.