Business

PH shares return to 6,600 level despite Delta fears

The local stock barometer rebounded to the 6,600 level on Tuesday as concerns about the US Federal Reserve’s downsizing of monetary stimulus eased.

The main-share Philippine Stock Exchange index (PSEi) recovered 87.15 points or 1.32 percent to close at 6,678.82, which tracks mostly optimistic regional markets.

Across regional markets, investors see it as increasingly unlikely that US Federal Reserve Chairman Jerome Powell will announce a timeline for winding up his bond buying program during his Jackson Hole speech this week.

“Investors are also betting that Powell will be more deaf than previously thought, and concerns about the Delta variant were pushed aside,” said Luis Gerardo Limlingan, CEO of Regina Capital Development.

Daily COVID-19 cases in the Philippines are rising to new heights, while restrictions on lockdown in the metropolis have been eased.

Despite this, all counters ended higher, led by the industrial, holding and real estate counters, all of which added over 1 percent.

The financial, services and mining / oil counters all added less than 1 percent.

The value turnover for the day amounted to P5.53 billion. There were net foreign purchases worth P291.11 million for the day.

Gainers beat Decliners 106-83, while 54 stocks were unchanged.

The index was led by Globe Telecom, which rose 4.97 percent and was today’s most traded company.

First Gen added 6.81 percent, while JG Summit, SM Investments and Meralco all rose over 2 percent.

AC Energy, the second most actively traded company, gained 1.87 percent, while Ayala Land, URC, BPI and BDO all added over 1 percent.

Ayala Corp., PLDT, SM Prime and GT Capital all rose by less than 1 percent.

On the other hand, ICTSI and Converge both lost over 1 percent.

Notable declines outside the PSEi included the Emperador, which fell 2.44 percent, while the Apollo Global fell 5.19 percent. INQ

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