Stocks sustain rally on overseas leads

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    Share prices ended higher Wednesday tracking overseas leads.

    The Philippine Stock Exchange index was up 71.06 points to 7,080.62, a 1.01 percent hike.

    The broader all shares index was up 22.42 points to 4,222.09, a 0.53 percent hike.
    Losers edged gainers 116 to 108 with 39 stocks unchanged. Trading turnover reached P8.8 billion.

    The peso closed at 48.05 to the dollar, steady from Tuesday’s close.

    The currency opened at 48.04 and hit a high of 48.025 and a low of 48.06. Trading turnover reached $742.45 million.

    Luis Limlingan, managing director at Regina Capital and Development Corp., said the market continued to rally “after a group of (US) lawmakers unveiled a $908-billion stimulus plan, which includes more than $200 billion in Paycheck Protection Program for small business loans.”

    This led for Wall Street to go up overnight, raising sentiments in the local market, according to Limlingan.

    SB Equities Inc. said “hopes over a coronavirus vaccine and lowering of corporate income tax” also continued to buoy investor sentiment.

    Most actively traded Metropolitan Bank and Trust Co. was up P1.40 to P49.20. Bank of the Philippine Islands was down P0.10 to P80. Ayala Land Inc. was up P0.75 to P40.50. BDO Unibank Inc. was down P0.90 to P104.10. SM Prime Holdings Inc. was up P0.20 to P38.20.

    Ayala Corp. was up P19 to P849. Dito CME Holdings Corp. was up P0.25 to P6.69. JG Summit Holdings Inc. was up P3.75 to P72.25. Megawide Construction Corp. was down P0.72 to P9.19.