PSEi stirs as lockdown easing within sight
The stock barometer started the week with marginal gains as investors selectively bought large-cap stocks ahead of the expiration of strict lockdown protocols in the metro and nearby provinces.
The main-share Philippine Stock Exchange index (PSEi) added 11.31 points, or 0.18 percent, to close on Monday at 6,389.38.
“Philippine stocks shook off early weakness to end higher supported by data indicating acceleration in worldwide economic activity and even faster growth in new home sales,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The strict quarantine protocols imposed by the government on Metro Manila and surrounding regions are set to expire at the end of this month. While the number of COVID-19 cases remains alarmingly high, there are expectations that the government will no longer extend the modified enhanced community quarantine.
Lifting of mining ban
By counter, mining/oil outperformed other indices with its 3.8-percent gain, supported by optimism on the government’s lifting of the ban on new mining deals.
The financial counter added 1.13 percent, while the services and property counters ended with marginal gains.
Article continues after this advertisementOn the other hand, the industrial and holding firm counters both fell by less than 1 percent.
Article continues after this advertisementValue turnover for the day amounted to P5.42 billion. Domestic investors kept the index afloat as there was P700 million in net foreign selling for the day.
Investors picked up shares of Megaworld, which gained 2.56 percent, while Ayala Corp. and BPI both rose by over 1 percent.
Ayala Land, SM Investments and BDO all added less than 1 percent.
One outperformer outside the PSEi was PNB, which surged by 12.85 percent to close at P25.90 per share following its disclosure to declare property dividends.
BHI advanced by 2.86 percent, while Greenergy added 1.93 percent.
On the other hand, JG Summit tumbled by 4.36 percent, while ICTSI lost 1.47 percent.
Property giant SM Prime shed 0.29 percent.
Notable decliners outside the PSEi included Apollo Global and Basic Energy, which both tumbled by over 4 percent, while MerryMart, Converge and Top Frontier all slipped by over 2 percent.
