Lockdown-wary market relaxes; PSEi bounces back

The benchmark Philippine Stock Exchange Index (PSEi) moved higher on Thursday as the selling panic over anticipated COVID-19 restrictions eased.

By the closing bell, the PSEi gained 0.36 percent, or 23.50 points, to 6,496.53 while the broader all-shares index was up 0.8 percent, or 31.94 points, to 4,042.03.

”Prices did not move higher because of a surge in demand from optimistic investors, but rather due to the reduced selling pressure from panicking shareholders which have been driving the market lower over the last week,” Chris Mangun, research head at stock brokerage firm AAA Equities, said in a note to investors.

“Investors are still generally concerned that a stricter lockdown can be enforced in the next two weeks or even sooner if the health situation deteriorates rapidly,” he added.

Mangun said the PSEi appeared to be stabilizing and he expected the benchmark measure to trade around the 6,500 area until the end of the week.

On Thursday, all subsectors closed in positive territory with mining and oil rising the most at 2.62 percent.

Trading volume remained relatively weak with 925.2 million shares valued at P4.8 billion changing hands. Gainers also outnumbered losers, 109 to 70, while 54 companies closed unchanged.

AC Energy Corp. was the most actively traded for the session as it rose 4.74 percent to P8.17 per share.

It was followed by SM Prime Holdings Inc., down 1.8 percent to P32.80; Ayala Land Inc., up 3.23 percent to P35.15; Monde Nissin Corp., up 2.55 percent to P15.26; and LT Group Inc., up 2.95 percent to P9.78 per share.

Other actively traded names were JG Summit Holdings, up 0.87 percent to P58; BDO Unibank Inc., up 1.92 percent to P106.20; Jollibee Foods Corp., up 3.41 percent to P197; International Container Terminal Services, down 1.36 percent to P159.80; and Nickel Asia Corp., up 4.46 percent to P6.09 per share.

—MIGUEL R. CAMUS