Market up 1.64% as investors welcome Bayanihan Act

The local stock barometer advanced to the 5,400 mark yesterday as domestic investors made up for the slack in foreign appetite alongside lingering concerns on the coronavirus pandemic.

The main-share Philippine Stock Exchange index (PSEi) recouped 87.29 points, or 1.64 percent, to close at 5,408.52. Trading sentiment across regional markets was mostly sluggish.Local investors welcomed the enactment of Republic Act No. 11469 or the Bayanihan to Heal as One Act, that granted special powers to President Duterte in addressing the COVID-19 public health crisis. The law also mandates a social amelioration program that provides for an emergency subsidy of P5,000 to P8,000 to 18 million low income households all over the country.

At the local market, the day’s biggest gainer was the services counter, which added 2.27 percent.

The financial, holding firm, mining/oil and property counters all added over 1 percent, while the industrial counter rose by 0.8 percent.

Value turnover for the day amounted to P5.58 billion. There was net foreign selling of P418.75 million for the day.

There were 99 advancers that outnumbered 87 decliners, while 41 stocks were unchanged.

Conglomerate JG Summit led the PSEi’s ascent, rising by 7.07 percent.

Infrastructure holding firm Metro Pacific rose by 5.37 percent. It disclosed on Tuesday that a group of Japanese investors had bought a 10-percent stake in its Indonesian tollroad business.

Retailer Puregold and property developer Megaworld both rose by over 4 percent, while property giant Ayala Land, telecom giant Globe Telecom and global port terminal operator ICTSI all added over 3 percent.Utilities PLDT and Meralco both advanced by over 2 percent, while BDO added 1.64 percent.

SM Investments and BPI both rose by less than 1 percent.Outside of the PSEi, one notable gainer was AllHome Corp., which added 5.56 percent.On the other hand, fast-food giant Jollibee lost 3 percent, while Ayala Corp., SM Prime, Metrobank and GT Capital all declined by less than 1 percent.One notable decliner outside the PSEi was third telecom holding firm Dito, which pulled back by 5.88 percent.