PSEi gains 1%, breaks ‍5,700 mark

The local stock barometer climbed to the 5,700 mark on Thursday as investors took their cue from United States and regional markets, which welcomed signs of progress in finding the new coronavirus disease (COVID-19) treatment.

The main-share Philippine Stock Exchange index (PSEi) gained 56.74 points or 1 percent to close at 5,700.71 ahead of the long weekend break.

There will be no trading at the local stock market on Friday, May 1, due to a nonworking holiday in observance of Labor Day.

For the shortened trading week, the PSEi racked up a total of 235.73 points or 4.3 percent.

The blast to end April was supported by the overnight breakout by US markets on optimism on the health care side with a new treatment for COVID-19 getting traction, local stock brokerage Papa Securities said.

Shares of Gilead Sciences surged in Wall Street after the biotech firm announced early success in a critical trial for COVID-19 treatment.

But domestic investors mostly supported the market as foreign investors remained net sellers, causing an outflow of P658.4 million from local equities for the day.

All counters ended higher, led by the financial, services and property counters which all rose by more than 1 percent.

The industrial, holding firm and mining/oil counters all firmed up by less than 1 percent.

Total value turnover for the day hit P6.58 billion.

There were 120 advan­cers that edged out 71 decli­ners, while 46 stocks were unchanged.

The PSEi was led higher by ICTSI and Metrobank, which both surged by nearly 4 percent.

Ayala Land, the day’s most actively traded counter, rose by 3.06 percent. URC added 3.2 percent.

PLDT and BDO both added over 2 percent, while SM Investments and Metro Pacific both gained over 1 percent.

SM Prime added a modest 0.16 percent.

Jollibee, Meralco and Robinsons Land all lost over 2 percent.

Ayala Corp., Globe Telecom and GT Capital all declined by more than 1 percent.

Puregold and JG Summit both slipped.

One notable decliner outside the PSEi was MacroAsia, which fell by 1.37 percent.

—DORIS DUMLAO-ABADILLA