PSEi continues winning streak for third straight session
Philippine share prices extended their winning streak for the third consecutive trading day on Tuesday, as the easing of quarantine restrictions buoyed market optimism.
The local stock barometer gained 59.24 points or 0.86% to 6,976.73 at the closing bell. The broader All Shares index climbed 31.52 points or 0.75% to 4,222.88.
"[T]he government's move to ease quarantine restrictions in the country's capital probably bolstered market sentiment," Jervin de Celis, trader at Timson Securities Inc., said in a mobile message.
The NCR Plus bubble -- Metro Manila, Cavite, Laguna, Rizal, Bulacan -- will remain under general community quarantine until June 30, albeit "with some restrictions" starting June 15 versus "with heightened restrictions" in the previous days.
De Celis noted that the local index was lifted by heavyweights, mostly consumer stocks such as SM Investments Corp. (SM), SM Prime Holdings Inc. (SMPH), and JG Summit Holdings Inc.
Shares in SM closed Tuesday up P15.00 or 1.50% to P1,105.00 apiece; SMPH up 50 centavos or 1.33% to P38.00 apiece; and JGS up p1.75 or 2.91% to P61.90 apiece.
More than 5.128 billion shares, valued at P8.033 billion, changed hands. Advancers trumped decliners, 106 to 101, and 59 issues were unchanged. — RSJ, GMA News