‘Flexible’ MECQ rouses sleepy PSEi

The benchmark Philippine Stock Exchange index (PSEi) rebounded strongly above the 6,400 level on Wednesday after Metro Manila mayors suggested relaxing further COVID-19 restrictions.

By the closing bell, the PSEi gained 1.77 percent, or 112.67 points, to 6,469.14 while the broader all-shares index was up 1.21 percent, or 47.18 points, to 3,957.50.

Investors reacted positively to the announcement of Metropolitan Manila Development Authority chair Benhur Abalos that mayors were recommending looser restrictions via a “flexible modified enhanced community quarantine.”

All subcounters at the PSE also ended with gains, which were led by holding firms and property stocks, up by 2.33 percent and 1.86 percent, respectively.

Trading volume remained relatively weak with 2.9 billion shares valued at P5.3 billion changing hands. There were 111 gainers against 70 decliners while 65 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded as it gained 2.18 percent to P32.75 per share.

It was followed by SM Investments Corp., up 3.23 percent to P990; BDO Unibank Inc., up 1.83 percent to P105.90; JG Summit Holdings, up 3.51 percent to P53.10; and Dito CME Holdings Corp., up 4.82 percent to P10.44 per share.