Traders see bulls regaining control of market
The local stock barometer capped the trading week with a fifth day of rally as the market looked forward to the economic benefits of the easing of lockdown protocols.
The main-share Philippine Stock Exchange index (PSEi) racked up 139.43 million or 2.2 percent to close at 6,484.06.
Foreign investors have trickled back to the local bourse in the last three days. On Friday, there was net foreign buying worth P795 million.
Even if there was no vaccine yet for coronavirus, Eagle Equities president Joseph Roxas said the bulls seemed to be regaining control of the market now that the domestic economy was further opening up.
The market was buoyed by the holding firm counter, which racked up 3.25 percent, while the cyclical property counter added close to 2 percent.
The financial and industrial both gained over 1 percent, while the mining/oil counter added 0.15 percent.
Only the services counter slipped, although by a slight 0.17 percent.
Value turnover for the day amounted to about P8.5 billion.
There were 129 advancers that outnumbered 81 decliners, while 48 stocks were unchanged.
Conglomerates LTG and AGI powered up the holding firm counter, respectively surging by 9.2 percent and 8.72 percent.
Fast-food giant Jollibee rose by nearly 5 percent as the reopening of the economy brightened up prospects for its business, which has been bludgeoned by the coronavirus pandemic.
Ayala Corp. also rose by 4.17 percent, while JG Summit advanced by nearly 4 percent. GT Capital went up by 3.12 percent while SM Prime rose by nearly 3 percent.
SM Investments added 2.76 percent. Ayala Land, BDO, URC BPI, Metro Pacific and Security Bank all rose by over 1 percent.
Notable gainers outside the PSEi included third telco player Dito, which rose by 4.42 percent.
On the other hand, Puregold, ICTSI and Globe Telecom all dipped by less than 1 percent.
One notable decliner outside the main basket was home improvement retailer Wilcon, which declined by 1.7 percent. —DORIS DUMLAO-ABADILLA
