Stocks sustain uptrend

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    Share prices ended up Wednesday on continued bargain -hunting.

    The Philippine Stock Exchange index was up 50.66 points to 6,497.01, a 0.79 percent hike.

    The broader all shares index was up 21.61 points to 3,934.93, a 0.55 percent hike.

    Losers edged gainers 98 to 90 with 64 stocks unchanged. Trading turnover reached P21.32 billion, including the P14.71 billion initial public offering of DDMP REIT Inc.

    The peso closed at 48.665 to the dollar, down from 48.631 on Tuesday.

    The currency opened at 48.69 and hit a high of 48.665 and a low of 48.70. Trading turnover reached P649.75 million.

    Stockbroker AB Capital Securities Inc. said the market initially fell by more than 50 points before going back up towards the end of the session.

    The stockbroker the market rallied ahead of the Bangko Sentral ng Pilipinas’ meeting.

    “All 16 economists surveyed by Bloomberg expect the policy rate to be unchanged at 2 percent,” it said.

    Luis Limlingan, managing director at Regina Capital and Development Corp., meanwhile said the easing number of COVID-19 also helped encourage buying.

    Investors also digested the overnight testimony by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen about the US economy, Limlingan said.

    “Fund managers also rebalanced their funds with other regions hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar,” he added.

    Foreign funds were net buyers worth P372 million.

    Most actively traded DDMP REIT Inc. was unchanged at P2.25. Jollibee Foods Corp. was down P4.10 to P176.90. Puregold Price Club Inc. was up P0.45 to P40.45. Ayala Land Inc. was up P0.60 to P34.90. Apollo Global Capital Inc. was up P0.002 to P0.199. BDO Unibank Inc. was steady at P105. SM Investments Corp. was up P7 to P970. Ayala Corp. was up P6 to P731. Universal Robina Corp. was up P5 to P127. SM Prime Holdings Inc. was up P0.55 to P35.30.