Upbeat prospects highlight stock market 2021 opening

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    The stock market opened 2021 with 0.81 percent uptick, signifying optimism among investors,

    Ramon Monzon, Philippine Stock Exchange (PSE) president said at the stock market’s opening bell ceremony yesterday the PSE intends to “hit the ground running” to drive the PSE’s growth this year, coming from a lackluster performance last year.

    “It is only day one, but we will hit the ground running to deliver more to our stakeholders – from products to technology-based services, financial inclusion and sustainability programs and regulatory reforms.  We laid the foundation for most of these initiatives the previous years and we hope to see these come to fruition this year,” Monzon said.

    The PSE index ended up 57.79 points to 7,1917.50.

    The broader all shares index was up 44.55 points to 4,317.16, a 1.04 percent hike.
    Gainers edged losers 124 to 121 with 36 stocks unchanged. Trading turnover reached P10.03 billion.

    The peso closed at 48.02 to the dollar, up from 48.023 on Tuesday last week. It opened at 48.02, hit a high of 48.015 and a low of 48.035. Trading turnover reached $873.75 million.

    Stockbroker SB Equities Inc.said the upbeat mood on Monday was “amid optimism over the prospects for a vaccine rollout and further economic recovery over the course of the year.”

    “Despite a dip in reported December manufacturing PMI data, a return to net foreign outflows, and focus on second-liners, the benchmark index shrugged off a flat open to trek higher for the bulk of the session, finishing just off its highs,” it said.

    Japhet Tantiangco, analyst at Philstocks Financial Corp., said the uptick was despite P214.08- million net foreign selling.

    “(The) net value turnover (of the market) posted P9.92 billion, higher than last year’s daily average of P6.53 billion showing conviction in Monday’s trading,” he said.

    Most actively traded Dito CME Holdings Corp. was up P2.12 to P13.02. MerryMart Consumer Corp. was up P1.81 to P7.90. AC Energy Philippines Inc. was up P1.20 to P10.20. SM Prime Holdings Inc. was up P0.75 to P39.25. BDO Unibank Inc. was down P1.80 to P105. Premier Horizon Alliance Corp. was up P0.22 to P1.32. Apollo Global Capital Inc. was up P0.035 to P0.163. Robinsons Land Corp. was up P0.05 to P21.25. PLDT Inc. was up P23 to P1,363 Metropolitan Bank and Trust Co. was down P1.10 to P47.95.