Stocks sustain uptrend on hopes of easing lockdown

MANILA, Philippines — Share prices continued to strengthen yesterday, rallying for a fourth straight day, as investors pin their hopes on lighter quarantine measures by next week.

The bellwether Philippine Stock Exchange index or PSEi gained 1.71 percent or 102.78 points to finish at 6,097.78. Likewise, the broader All Shares index rose 39.76 points or 1.12 percent to close at 3,591.74.

Most of the sectoral gauges went up as well except for the services index which finished in the red.

Total value turnover reached P17.1 billion. Market breadth was positive with 110 advancers to 73 decliners, while 57 issues were unchanged.

“The PSEi extended gains (yesterday) as investors gained more optimism that lighter quarantine restrictions will strengthen the economy’s recovery in the third quarter. Several blue chips continue higher after bouncing back from their lowest levels in the last three months. The main index is currently up 4.3 percent for the week,” said Chris Mangun of AAA Equities.

He said there may be some profit taking today, the last trading day of the week.

Meanwhile, the country’s first real estate investment trust (REIT), Ayala Land’s AREIT, was listed yesterday, marking a new chapter in the capital and financial markets.

However, AREIT shares ended substantially lower as institutional investors lightened their positions.

AREIT shares closed at P24.90 per share, lower than the offer price of P27 each.