PSE UP IN VIBRANT TRADE

The Philippine Stock Exchange (PSE) index today rose significantly on the back of optimism on the baby steps to economic recovery with the news of the return of jeepneys on the road and opening of restaurants.

PSE's index went up by a robust 2.49 per cent or 154.37 points to 6,364.08 points although it opened lower. It inched up a bit in mid trade and exploded with big trades towards the close for a healthy value turnover of P7.34 billion.

Gainers were more than double the losers, 132 to 61 with 46 shares unchanged with the financials showing a big uptick of 3.33 percent as BDO recovered from its loss yesterday with a P2.60 rise to close at P100.50 with value turnover of P523.5 million, the third biggest traded stock. SM Investments was the day''s most active stock with transactions of P856.8 million with its share price up by P30 to P950 followed by Dito which posted a loss of 33 centavos to P3.14 with total trades of P536 million. The other bank stocks that posted gains were BPI and Metrobank. The financials' surge can be attributed to the perception that businesses would soon be borrowing with eventual revival of the economy even with the challenges of social distancing and other health protocols. The news of allowing jeepneys to ply their routes has been taken with much optimism from investors who have stayed in the sidelines due to uncertainty overhang. Market darling Merry Mart dropped by 7 centavos to P3.29 although there had been a marked drop in value turnover to P117 million and is now in the bottom ten of active stocks.