Shares swing to green on bright prospects for economy

Stocks were mostly higher on Monday after the COVID-19 Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) announced more relaxed pandemic restrictions in Metro Manila and other provinces, helping boost economic recovery.

By the closing bell, the benchmark Philippine Stock Exchange Index jumped 1.51 percent, or 109.68 points, to 7,361.65 while the broader all-shares index was up 1.25 percent, or 48.12 points, to 3,904.20.

The IATF announced that Metro Manila and the provinces of Cavite, Bulacan, Rizal, Batanes, Biliran, Southern Leyte and Basilan would revert to alert level 2 from Feb. 1-15 as the recent surge slowed.

Investors are also placing bets ahead of Friday’s inflation reading and a slew of international data yet to be released.

PSE subsectors closed higher while services, down 0.14 percent, was the sole loser.

Property stocks shot up 3.25 percent, followed by industrial, up 2.12 percent; holding firms, up 1.72 percent; mining and oil, up 0.94 percent; and financials, up 0.53 percent.

A total of 1.28 billion shares valued at P7.42 billion changed hands while foreigners were net buyers to the tune of P165.84 million.

On Monday, the PSE also ordered a trading halt on shares of Dito CME Holdings Corp. pending the release of a comprehensive disclosure on its aborted P8-billion stock rights offering days before the shares were to be listed.

BDO Unibank Inc. was the most actively traded company during the session, rising 0.75 percent to P135 per share.

It was followed by Globe Telecom, down 4.01 percent to P3,110; Ayala Land Inc., up 4.97 percent to P35.90; Aboitiz Power Corp., up 4.44 percent to P35.30; and Monde Nissin Corp., up 0.74 percent to P16.38. INQ