PSEI above 6,000 as lockdown eases

THE Philippine Stock Exchange index (PSEI) again recorded gains on Wednesday, as investors were calmed by the easing of the lockdown measures implemented by the government in Metro Manila.

The 30-company PSEI went up by another 3 percent on Wednesday, or 220.48 points, to close at 6,245.65 points. The benchmark index climbed for the sixth consecutive session on Wednesday.

“Philippine stocks rose as traders focused on the reopening of all regional economies from the coronavirus pandemic even amid the civil unrest around the United States,” said Luis Limlingan, managing director at Regina Capital Development Corp.

“As the economy tries to get back on track, investors are hoping for the best as they put more cash on the table. Foreign inflows in the last few days have also been encouraging after months and months of outflows. We may see some profit-taking before the end of the week,” said Christopher Mangun, head of research at AAA Securities Inc.

The PSEI gained 748.82 points since Tuesday last week. The main index rose on improving investors' sentiment due to Metro Manila's shift to a more relaxed general community quarantine and the resumption of work in many areas starting Monday.

It first barged into the 6,000- point level on Tuesday, nearly three months after prices fell at the start of the lockdown in Metro Manila in mid-march.

Total value of trade was worth P8.24 billion, as advancers led losers 143 to 59 and 44 shares were unchanged.

Foreign investors were still net sellers at P329.34 million.

All other sub-indices closed higher led by the broader All Shares index that gained 106.59 points to close at 3,658.31 points, the Financials index rose 60.62 to 1,266.10, the Industrial index added 125.44 to 7,715.78, the Holding Firms index climbed 181.10 to 6,342.25 and the Property index surged 174.58 to 3,197.31.

GT Capital Holdings Inc. was the day's top traded and it gained P14 to close at P385, property developer Ayala Land Inc. increased P2.70 to P36, SM Investments Corp. fell P1 to P945, Security Bank Corp. was up P5.40 to P102, Jollibee Foods Corp. rose P6.40 to P130 and BDO Unibank Inc. expanded by P4.40 to P 102.40.