PSEi up 1.12% as market absorbs news on quarantine easing
Outperforming regional markets, the local stock barometer firmed up on Friday on selective picking of large-cap stocks as investors hoped for the further easing of lockdown measures.
The main-share Philippine Stock Exchange index (PSEi) added 76.77 points or 1.12 percent to close at 6,926.41.
Presidential spokesperson Harry Roque said on Friday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has backed proposals to shift the entire country to the less restrictive modified general community quarantine (MGCQ). President Duterte would issue a decision before the end of February.
“Note, however, that while the index could indeed trade on optimism from this, persistent macro problems such as the return of demand-driven inflation in the coming months especially with the current spike in oil prices still linger over the horizon,” Papa Securities said.
“Therefore, while we could see the index react positively to the MGCQ news, it would be hard to be over-excited and the major resistance areas at 7,000 to 7,100 would likely still hold in the near to medium term.”
This week, the PSEi shed 64.6 points or 0.9 percent lower from last week’s finish.
All counters ended higher, led by the holding firm counter, which rose by 2.4 percent.
Mining/oil added 1.98 percent, while the financial, industrial, services and property counters all added less than 1 percent.
Value turnover for the day amounted to P9.56 billion. Local investors supported the market as foreign investors were net sellers to the tune of P579.54 million.
The PSEi’s gains were led by Ayala Corp., SM Investments, BPI and JG Summit, which respectively rose by 3.1 percent, 2.8 percent, 2.26 percent and 1.96 percent.
Ayala Land, Jollibee, BDO and ICTSI all rose by less than 1 percent.
Notable gainers outside the PSEi included PHA, the day’s most actively traded company, which surged by 10.27 percent.
Basic Energy racked up 8.55 percent, while Nickel Asia added 4.09 percent.
On the other hand, Metrobank lost 1.76 percent while SM Prime and PLDT slipped by less than 1 percent.
Notable decliners outside the PSEi included Vulcan and Greenery, which slid by 16.19 percent and 4.11 percent, respectively.
Apollo Global fell by 3.51 percent, while AC Energy shed 0.76 percent. —DORIS DUMLAO-ABADILLA
