SHARE prices ended higher Wednesday tracking overseas leads.
The Philippine Stock Exchange index (PSEi) was 26.95 points or by 0.49 percent to 5,523.78.
The broader all shares index was up 16.10 points to 3,329.12, also a 0.49 percent hike.
Gainers edged losers 99 to 78 with 47 stocks unchanged. Trading turnover reached P5.48 billion.
The peso closed at 50.68 to the dollar, down from 50.53 on Tuesday.
The currency opened at 50.51 and hit a high of 50.46 and a low of 50.68. Trading turnover reached $856.48 million.
SB Equities Inc. said late appetite for local shares helped the market rise for the first time in three sessions despite continued cautiousness over the prospects of the easing of quarantine restrictions and escalating China-US tensions.
SB Equities said the lack of immediate catalysts and continued foreign outflow even had the PSEi fall as much as 1.3 percent as investors also awaited the government’s decision on lockdown plans after May 31.
Luis Limlingan, managing director at Regina Capital and Development Corp. said the market rallied on new vaccine news, and optimism over positive signs of global economic recovery.
“Cases top 5.5 million and deaths over 348,000. New York City has hired 1,700 contact tracers who will be working by June 1, and Governor Andrew Cuomo said he would now focus on reopening the most populous US city, the only region still under state-ordered lockdown. Wuhan said it tested almost 7 million people in 12 days, after several infections prompted worries about a second wave. There are 10 vaccines in clinical evaluation and 114 in preclinical evaluation, according to a running tally by Fundstrat,” said Limlingan.
Most actively traded SM Investments Corp was down P1 to P837. Ayala Land Inc. was down P0.65 to P29.25. SM Prime Holdings Inc. was up P0.30 to P29.80. Globe Telecom Inc. was down P30 to P2220. BDO Unibank Inc. was up P1.10 to P87. Universal Robina Corp. was up P1.40 to P122. Ayala Corp. was up P21 to P675. Security Bank Corp. was up P1 to P78.10. PLDT Inc. was down P1 to P1,211. First Gen Corp. was up P2.51 to P20.25.
