PSEi starts week on a bright note, hits 5,600

The local stock barometer advanced to the 5,600 mark on Monday, resuming trades with sustained vigor after the long weekend break despite the downturn seen elsewhere in the region.

The main-share Philippine Stock Exchange index (PSEi) racked up 100.15 points, or 1.82 percent, to close at 5,610.98

Across the region, trading sentiment was mostly gloomy as the COVID-19 pandemic across the globe neared the two-million mark, said AAA Equities head of research Christopher Mangun. The regional markets also digested news about oil production cuts, he added. “Here at the PSE, the main index ended with gains on low trading volumes with retail and consumer based stocks leading the charge, continuing its momentum from last week,” Mangun said.

Trading volume was thin at P4.61 billion, excluding block sales, while foreigners were net sellers to the tune of P587.6 million. Total value turnover amounted to P5.2 billion.

All counters ended higher, led by the mining/oil subindex, which surged by 4.03 percent.

The industrial and property counters both added over 3 percent, while the services counter rose by 2.44 percent.

The financial and holding firm counters both firmed up by less than 1 percent.

There were 112 advancers that edged out 70 decliners, while 46 stocks were unchanged.The PSEi was led higher by fast food giant Jollibee, which surged by 12.5 percent.

Jollibee said its delivery business in local stores that remained open during the quarantine period was growing by an average of about 50 percent versus same store sales in the early part of 2020. INQ