Stocks rise as increase in COVID cases eases

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    Share prices ended up Monday as investors took to bargain hunting.

    The Philippine Stock Exchange index (PSEi) was up 150.76 points to 5,935.85, a 2.61 percent hike.

    The broader all shares index was up 64.28 points to 3,558.01, a 1.84 percent hike.
    Gainers edged losers 132 to 65 with 37 stocks unchanged. Trading turnover reached P3.9 billion.

    The peso closed at 48.67 to the dollar, down from 48.62 on Friday.

    The currency opened at 48.58 and hit a high of 48.555 and a low of 48.67. Trading turnover reached $765.8 million.

    Reuters reported the PSE, which is the year’s worst performer in the region, bucked the trend.

    South Korea, helped by a dip in coronavirus cases, was also up around 0.6 percent.

    China reported its exports rose for a third month, climbing 9.5 percent in August from a year earlier, topping expectations, while imports saw a sharper fall, signaling that domestic demand is still sluggish even as a rise in shipments points to a more sustained recovery for the world’s second-largest economy. This led for Shanghai’s composite index to pare losses following the trade data’s release but has remained 0.2 percent lower on the day.

    A steady dollar left most of the region’s emerging currencies steady to slightly higher, with Taiwan’s dollar again performing best, up 0.7 percent, while South Korea’s won and China’s yuan the gained a fifth of a percent each.

    Stockbroker SB Equities Inc., said the Philippine market’s rise for a third straight session is also driven by “optimism over easing new daily COVID-19 cases increased appetite for risk-assets.”

    “Despite foreign outflow extending to 14 consecutive days, a possible flattening of the infection curve as recent daily cases remained below 3,000 help pushed the PSEi to shrug off a cautious open to advance over the course of the session, finishing on the highs,” it said.

    Most actively traded Ayala Land Inc. was up P1.80 to P30. Ayala Corp. was up P12 to P702. International Container Terminal Services Inc. was up P1.90 to P105.90. SM Prime Holdings Inc. was up P0.90 to P28.85. GT Capital Holdings Inc. was up P5 to P385. SM Investments Corp. was up P48 to P894. PLDT Inc. was up P24 to P1,440. BDO Unibank Inc. was up P2.35 to P90.15. JG Summit Holdings Inc. was up P0.30 to P62. Metro Pacific Investments Corp. was up P0.30 to P3.38.