PSE INDEX IN HOPEFUL START

The Philippine Stock Exchange (PSE) index had a hopeful start today with the easing in travel restrictions that augur well for a prospective vitality in the economy, with market bellwether SM Investments paving the way forward resulting in a 78.11 point increase or 1.15 percent to 6,872.97 points.

Today's trading performance mirrored optimism from all fronts with the sectoral indices all in the green even with a muted value turnover of P8.337 billion as gainers outpaced losers almost 2 to 1 at 140 to 76 with 48 shares unchanged.

The market opened tentatively but later on moved up as the trading progressed with SM Investments starting the day at P1,025 and gravitating to a low of P1,009, as investors cashed in their gains before again going up to close at P1,025, for a P16 gain or 1.59 percent rise with P684 million in trades, emerging as the most active stock.

Holding firms held sway rising by 1.39 percent while the industrials and the financials rose respectively by 1.002 percent and0.91 percent. Services were up by 0.45 percent, mining and oil, by 0.53 percent and property, 0.97 percent.

Blue chips ruled the day with Metrobank up by 90 centavos to P51.60 on trades of P465 million, while BDO Unibank was up by P3.90 to P109.40 on trades of P401 million.

Ayala Land and PLDT were up by 80 centavos and P9 to close at P39.05 and P1,297, respectively, while Manila Water lost 24 centavos to P15.36, and Bank of PI declined by P1.70 to P87.30.

Double Dragon went up by 62 centavos to P15.84 as investors awaited its forthcoming Real Estate Investment Trust IPO which mandates that 90 percent of earnings from this real estate vehicle be plowed back to stockholders. It will be the second REIT after that of Ayala REIT.

Market analysts have been calling a possible decline below the support level of 6,700 points but the news about the easing of travel restrictions dashed this fear away as investors cheered the government's move to allow travel into another local government unit sans the required 14-day quarantine.

The measure is expected to benefit tourist establishments and see through a possible invigoration of the economy.

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