outbrain
Close  

Market up 1.64% as investors welcome Bayanihan Act

/ 05:18 AM April 02, 2020

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.

ADVERTISEMENT

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.

FEATURED STORIES

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.

ADVERTISEMENT
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.