Stocks turn green on bright economic outlook

Stocks were mostly higher on Monday after the Interagency COVID-19 Task Force for the Management of Emerging Infectious Diseases (IATF) announced more relaxed pandemic restrictions in Metro Manila and other provinces, helping to spur economic recovery.

At the closing bell, the Philippines’ benchmark stock index jumped 1.51%, or 109.68 points, to 7,361.65, while the broader all-stock index rose 1. 25%, or 48.12 points, to 3,904.20.

The IATF announced that Metro Manila and the provinces of Cavite, Bulacan, Rizal, Batanes, Biliran, Southern Leyte and Basilan will revert to Alert Level 2 from February 1-15 as the recent surge slows.

Investors are also placing bets ahead of Friday’s inflation reading and a slew of international data that has yet to be released.

The ESP subsectors closed higher while services, down 0.14%, were the only losers.

Real estate stocks jumped 3.25%, followed by industrials, up 2.12%; holding companies, up 1.72%; mining and oil, up 0.94%; and financials, up 0.53%.

A total of 1.28 billion shares valued at 7.42 billion pesos changed hands while foreigners were net buyers to the tune of 165.84 million pesos.

On Monday, the PSE also ordered a halt to trading in shares of Dito CME Holdings Corp. pending the release of full disclosure on its failed 8 billion peso stock rights offering days before the stock listing.

BDO Unibank Inc. was the most actively traded company during the session, rising 0.75% to 135 pesos per share.

It was followed by Globe Telecom, down 4.01% to P3,110; Ayala Land Inc., up 4.97% to 35.90 PPP; Aboitiz Power Corp., up 4.44% to 35.30 PPP; and Monde Nissin Corp., up 0.74% to 16.38 PPP. INQ

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