Stocks rise, peso steady

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    Share prices ended up Wednesday as investors took to bargain-hunting.

    The Philippine Stock Exchange index was up 39.16 points to 5,966.27, a 0.66 percent hike.

    The broader all shares index was up 14.60 points to 3,508.42, a 0.42 percent hike.

    Losers edged gainers 103 to 74 with 47 stocks unchanged. Trading turnover reached P3.57 billion.

    The peso closed at 49.19 to the dollar, steady compared to its close on Tuesday. It opened at 49.19, an intraday high and hit a low of 49.24. Trading turnover reached $551.71 million.

    SB Equities Inc. said the market went up for second day, reversing an early loss “as investors looked to pick up beaten down blue chips at attractive valuations.”

    “With the market still awaiting further second quarter corporate earnings amid continued concerns over rising coronavirus case, the index fell as much as 0.95 percent intraday before bargain hunting saw it recover and swing to close in the green,” it said.

    Luis Limlingan, managing director at Regina Capital Development Corp., said the bargain-hunting was against the backdrop of window-dressing “as investors monitored talks between Republicans and Democrats on a second coronavirus aid package and tuned in to a deluge of second-quarter corporate results.”

    “In addition, stocks rallied after the Federal Reserve extended most of its emergency lending programs until the end of the year. The FOMC (Federal Open Market Committee) kicks off its monthly two days session that’s widely expected to result in no significant policy changes,” Limlingan said.

    Most actively traded SM Investments Corp. was steady at P900. Jollibee Foods Corp. was up P1.90 to P131. Ayala Land Inc. was up P1.15 to P33.25. BDO Unibank Inc. was up P1.55 to P90.50. SM Prime Holdings Inc. was down P0.60 to P30.50. Puregold Price Club Inc. was up P1.40 to P48.50. Ayala Corp. was up P1 to P723. MerryMarch Consumer Corp. was up P0.16 to P2.59. Semirara Mining and Power Corp. was up P0.20 to P9.90. PLDT Inc. was down P11 to P1,316.

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