Lower COVID restrictions push PSEi above 7,400
The benchmark Philippine Stock Exchange index (PSEi) rallied above 7,400 on Tuesday after lower COVID-19 restrictions in Metro Manila and other areas pushed up the share prices of conglomerates and large banks.
The PSEi jumped 1.28 percent, or 93.60 points, to 7,404.61 while the broader all-shares index rose 0.82 percent, or 31.96 points, to 3,921.05.
Investors brushed aside geopolitical tensions arising from Russia’s invasion of Ukraine and placed bets on the continued reopening of the economy after Metro Manila and 38 areas across the Philippines were placed under alert level 1—the most relaxed COVID-19 classification—from March 1 to March 15.
SM Investments Corp., Ayala Corp. and BDO Unibank Inc. were some of the heaviest-traded gainers on Tuesday.
Holding firms rose 3.36 percent while mining and oil also gained 2.04 percent as investors piled into safe haven commodity assets.
Services and financials rose 1.39 percent and 0.92 percent while industrial and property sank 0.74 percent and 0.09 percent, respectively.
Article continues after this advertisementPSE volumes were slightly down on Tuesday even as the bourse returned to its full-day trading sessions beginning March 1.
Article continues after this advertisementA little over 1 billion shares valued at P7.84 billion changed hands while foreign sellers narrowly edged out buyers to the tune of P83.13 million.
There were a total of 135 advancers versus 60 losers while 49 companies closed unchanged.
SM Investments was the top traded company on Tuesday as it surged 6.17 percent to P947 per share.
It was followed by Ayala Land Inc., flat at P39; Ayala Corp., up 1.06 percent to P859; SM Prime Holdings Inc., down 1.01 percent to P39.40; and BDO Unibank Inc., up 2.63 percent to P132.60 per share.
