Share prices rise on cautious trades

MANILA, Philippines — Share prices climbed for the second straight day yesterday as investors start to appreciate the stricter quarantine measure imposed by the government.

The benchmark Philippine Stock Exchange index (PSEi) rose 58.08 points or 1.006 percent to end at 5,833.58.

Likewise, the broader All Shares index gained 29.32 points or 0.85 percent to close at 3,456.29.

Total value turnover reached P5.38 billion as market breadth was positive with 128 gainers to 75 losers. Meanwhile, 27 issues were unchanged.

Despite the positive performance of the market, net foreign selling prevailed at P257 million.

The government is set to announce second quarter gross domestic product (GDP) figures today and this is expected to influence the market, UCPB Securities said.

Market watchers are bracing for a deeper contraction in Q2, following a 0.7 percent slump in Q1, as Metro Manila and other high-growth centers were placed on strict lockdown.

Investors also considered the latest inflation figures which came in higher at 2.7 percent in July.

“The PSEi climbed higher again today accompanied by a pick-up in trading volumes as investors realize that the current modified enhanced community quarantine is less restrictive to business than what was expected,” said Chris Mangun of AAA Southeast Equities.