Stocks, peso up

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    Share prices ended up Tuesday as investors bet on reports Manila’s modified enhanced community quarantine (MECQ) will not be extended beyond August 18.

    The Philippine Stock Exchange index was up 23.02 points to 5,953.94, a 0.39 percent hike.

    The broader all shares index was up 23.92 points to 3,537.29, a 0.68 percent hike. Gainers edged losers 115 to 84 with 38 stocks unchanged. Trading turnover reached P5.07 billion.

    The peso closed at 48.92 to the dollar, up from 49.01 on Monday.

    The currency opened at 49.08, an intraday low and hit a high of 48.92. Trading turnover reached $743.4 million.

    “Philippine shares advanced for a second day on Tuesday despite another fresh record of reported domestic coronavirus cases as optimism over an economic recovery post current stricter quarantine measures continued,” said stockbroker SB Equities Inc.

    “With presidential spokesperson Harry Roque saying it was highly unlikely for Metro Manila under MECQ beyond August 18, risk appetite for select blue- chips at attractive valuations pushed the PCOMP (Philippine composite) to shrug off a soft open,” it added.

    Most actively traded Ayala Land Inc. was down P0.60 to P32.60. SM Investments Corp. was down P4 to P858. BDO Unibank Inc. was down P0.50 to P88.50. Bank of the Philippine Islands was down P1.05 to P61. SM Prime Holdings Inc. was up P0.55 to P30.25. PLDT Inc. was up P1 to P1,390. Jollibee Foods Corp. was up P3.60 to P141.10. Universal Robina Corp. was down P2.70 to P137. Pure Gold Price Club Inc. Alliance Global Group Inc. was up P0.19 to P5.99.