PSEi rebounds, gains 0.73%

The Philippine Stock Exchange index (PSEi) bounced back on Thursday after a ranking government official pushed for the reopening of a bigger part of the economy as COVID-19 infections turn manageable.

The PSEi gained 0.73 percent, or 51.77 points, to 7,154.43 while the broader all-shares index was up 0.42 percent, or 17.79 points, to 4,270.92.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua said during an Inquirer webinar that the Philippine economy was strong enough to recover “if we enable it to do so.”

He also indicated that the government might eventually allow face to face classes in areas with low infections.

The positive response was most pronounced in the property sector, which rose 1.74 percent on Thursday. Holding firms also gained 0.76 percent while industrial, financials and mining and oil declined.

A total of 150 million shares valued at P7.64 billion changed hands on Thursday. There were 121 gainers versus 108 decliners while 41 companies closed unchanged.

Metropolitan Bank & Trust was the most actively traded for the session as it declined 1.18 percent to P50.40 per share.

It was followed by Ayala Land Inc., up 3.49 percent to P40.05; BDO Unibank Inc., up 1.21 percent to P108.30; Abra Mining & Industrial, up 238 percent to P0.0026, and Dito CME Holdings Corp., down 1.1 percent to P7.17 per share. INQ