PSEi rebounds, gains 1.68%

The benchmark Philippine Stock Exchange index (PSEi) rebounded above the 6,200 level on Tuesday ahead of President Duterte’s announcement on quarantine measures across the country.

By the closing bell, the PSEi ended higher by 1.68 percent, or 102.54 points, to 6,207.72. The broader all-shares index rose 1.34 percent, or 48.31 points, to 3,645.17.

The gains followed positive sentiments across the region and a rally in Wall Street overnight.

Index heavyweights such as Ayala Corp., Bank of the Philippine Islands (BPI) and BDO Unibank Inc. carried the measure higher even as new coronavirus cases increase.

Further boosting the market were comments on Tuesday made by World Health Organization representative in the Philippines Rabindra Abeyasinghe.

He said the country was doing “relatively well” in addressing the health crisis and that there was no need to reverse quarantine rules in Metro Manila.

All subsectors closed positive with gainers led by financials, up 2.43 percent, and holding firms, up 2.2 percent.

Trading volume hit 857.26 million shares valued at P6.46 billion. There were 118 advancers versus 70 decliners while 54 companies closed unchanged.

Altus Property Ventures Inc. was the most actively traded on Tuesday as it gained 49.9 percent to P41.60 per share.

It was followed by BDO Unibank, up 4.26 percent to P98; BPI, up 3.6 percent to P72; Ayala Corp., up 1.97 percent to P777; and Universal Robina Corp., up 0.78 percent to P130 per share. INQ