Share prices ended up Thursday as investors took to bargain-hunting after Wednesday’s drop.
The Philippine Stock Exchange index (PSEi) was up 48.72 points to 6,834.66, a 0.72 percent hike.
The broader all shares index was up 16.85 points to 4,232.11, a 0.4 percent hike.
Gainers edged losers 110 to 86 with 58 stocks unchanged. Trading turnover reached P6.92 billion.
The peso closed at 49.825 to the dollar, up from 50.07 on Thursday.
The currency opened at 50.04 and hit a high of 49.825 and a low of 50.13. Trading turnover reached $1.15 billion.
Luis Limlingan, managing director at Regina Capital and Development Corp. said “investors reverted back to buying local shares as mixed economic reports in the US swayed investors to return back into the Philippines.”
“The US August PMI came in at 61.1 as against consensus estimate of 61.2). On the other hand, private payrolls in August only rose 374,000, well below the consensus estimate of 600,000. Tomorrow (today), the unemployment rate and non-farm payrolls are to be released,” he said.
“Meanwhile, back home, Markit PH PMI reverted to contraction and fell to a 15-month low of 46.4 in August reflecting factory operation disruptions from lockdown reimpositions.
However it was not as low as anticipated. Also Indonesia, Vietnam, and Malaysia also reported negative PMIs,” Limlingan, added.
Japhet Tantiangco, Philstocks Financial Inc. analyst, meanwhile said “investors took opportunities out of its decline in the preceding day.”
“Thursday’s rise is also seen as a reflection of optimism towards the National Capital Region’s vaccination campaign. According to MMDA chairman Benhur Abalos, fully vaccinated individuals are nearing 50 percent of the eligible population in the region while more than 70 percent is being hoped for in a month. The progress in the NCR’s inoculation drive sets up hopes of the region’s economy being reopened,” he said.
Most actively traded AC Energy Corp. was up P0.13 to P9.99. PLDT Inc. was up P53 to P1,532. Converge Information and Communication Technology Solutions Inc. was steady at P32. Globe Telecom Inc. was down P8 to P2,752. Ayala Corp. was up P6 to P794. Aboitiz Power Corp. was up P0.90 to P29.30. Monde Nissin Corp. was down P0.10 to P16.50.
Emperador Inc. was down P0.22 to P16.24. Ayala Land Inc. was up P0.10 to P33.15. Metropolitan Bank and Trust Co. was down P0.25 to P45.
