PSEi improves slightly on possibility of lockdown easing

The benchmark Philippine Stock Exchange index (PSEi) inched higher on Tuesday as President Duterte indicated he was keen on relaxing strict COVID-19 lockdown measures despite rising infections.The PSEi was up 0.39 percent, or 23.02 points, to 5,953.94 while the broader all-shares index was up 0.68 percent, or 23.92 points, to 3,537.29.

In a late evening address on Monday, the President said government resources were being stretched thin by the pandemic and Filipinos need to return to work. He earlier ordered Metro Manila and nearby provinces to return to modified enhanced community quarantine rules until Aug. 18.

Earlier on Monday, Defense Secretary and National Task Force against COVID-19 chair Delfin Lorenzana also said Metro Manila was ready to return to more relaxed measures after Aug. 18.Leading PSE subsectors were services, up 1.53 percent, and holding firms, up 0.63 percent. Financials and industrial lost 0.5 percent and 0.04 percent, respectively.A total of 5.3 billion shares valued at P5.1 billion changed hands on Tuesday.

There were 115 gainers versus 84 decliners while 38 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded on Tuesday as it sank 1.81 percent to P32.60 per share.

It was followed by SM Investments Corp., down 0.46 percent to P858; BDO Unibank Inc., down 0.56 percent to P88.50; Bank of the Philippine Islands, down 1.69 percent to P61; and SM Prime Holdings, up 1.85 percent to P30.25 per share. —Miguel R. Camus INQ