Share Prices Soar Anew on Renewed Investor Optimism

Jun 18, 2020

Source: The Philippine Star, June 17, 2020

MANILA, Philippines — The stock market finished strong again yesterday as the government allowed more businesses to open even as many parts of the country remain under general community quarantine.

The benchmark Philippine Stock Exchange index soared by 117.93 points, or 1.91 percent, to finish at 6,281.75 while the broader All Shares index likewise gained by 52.78 points, or 1.44 percent, to close at 3,699.61. Ernie Penaredondo, file

The benchmark Philippine Stock Exchange index (PSEi) soared by 117.93 points, or 1.91 percent, to finish at 6,281.75 while the broader All Shares index likewise gained by 52.78 points, or 1.44 percent, to close at 3,699.61.

The sectoral gauges were mostly up except for the industrial index which lost 0.49 percent.

Total value turnover reached P6.9 billion. Market breadth was positive with 141 gainers and 54 losers, while 46 issues remain unchanged.

In terms of specific issues, grocery operator MerryMart continued to sizzle on the second day since its initial public offering, hitting the ceiling again of 50 percent to P2.25 per share from its closing price of P1.50 per share on Monday.

Chris Mangun of AAA Securities gave this comment: “We saw the PSEi move higher at the open as investors gain optimism and take cues from markets abroad. The gains were short lived as investors were quick to take profits as prices opened much higher than Monday’s close.”

However, some last-minute buying pushed the index higher to close strong.

“Trading volumes continue to dwindle along with volatility. Foreign funds continue to flow out of our market after just a few days of inflows. We may continue to see the main index move lower in the coming days to test support at 5,950,” he said.

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