PSEi swings to 9-month high as Metro begins easing curbs
The stock barometer broke into the 7,200 territory on Friday as investors cheered the easing of lockdown restrictions in Metro Manila.
Likewise drawing strength from upbeat US and regional markets, the main-share Philippine Stock Exchange index (PSEi) rose by 30.35 points or 0.42 percent to close at a nine-month high of 7,213.46.
The day’s upswing brought the PSEi’s total gains for the week to 306.6 points or 4.44 percent.The PSEi is now ahead by 73.75 points or about 1 percent from last year’s finish.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said the local market had reacted positively to the announcement that National Capital Region would be placed under a more relaxed alert level 3 beginning today up to Oct. 31.
Limlingan likewise cited an assessment from OCTA Research that the metropolis was now at “moderate” risk for COVID-19.
He said the local market was also buoyed by favorable third quarter US corporate earnings, a retreat of Treasury yields, and hints of improvement in the job market.
Article continues after this advertisementAt the local market on Friday, the gains were led by the mining/oil counter, which added 2.08 percent, while the services counter rose by 1.07 percent.
Article continues after this advertisementThe financial, industrial and property counters all firmed up by less than 1 percent.
On the other hand, the holding firm counter marginally slipped.
Value turnover for the day amounted to P10.55 billion. There was P274.53 million worth of net foreign buying.
There were 113 advancers that edged out 84 decliners, while 45 companies were unchanged.
Investors picked up shares of ICTSI, which gained 5.8 percent, while BDO rose by 3.13 percent.
PLDT added over 1 percent, while Ayala Land, Ayala Corp., GT Capital, URC, Metrobank and RLC all rose by less than 1 percent.
One notable gainer outside the PSEi was DMCI, which added 1.11 percent.
On the other hand, AC Energy and Globe pared the PSEi’s gains, both losing over 3 percent.
Converge shed 1 percent, while BPI and SM Investments both lost less than 1 percent.
