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Manila Bulletin

Business

Local stocks rally continue

Business

Local stocks rally continue

By James A. Loyola

The local stock market followed through on the previous day’s rally as investors are upbeat over government moves to open up the economy further.

Traders work beneath an electronic ticker on the trading floor of the Philippine Stock Exchange in Bonifacio Global City (BGC) Metro Manila, the Philippines. (Bloomberg FILE PHOTO)

The Philippine Stock Exchange Index (PSEi) rose 93.45 points or 1.55 percent to close at 6,112.71 with only the Mining and Oil counter retreating.
Volume jumped to 2.24 billion shares worth P8.23 billion as gainers edged out losers 112 to 98 with 46 unchanged.
“Hopes towards the further easing of restrictions and reopening of the Philippine economy extended the local market’s rally,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
AAA Equities Head of Research Chris Mangun noted that “The PSEi gained momentum and ended higher, breaking above its 6,030 daily resistance level. Investors continue to gain optimism that the economy's recovery will speed up with the easing of mobility and quarantine restrictions. The downtrend in new daily covid-19 cases has also improved the sentiment.”
Regina Capital Development Corporation Managing Director Luis Limlingan added that, “Local shares continued to climb ahead of a key deadline set by US House Speaker Nancy Pelosi to reach a deal on new coronavirus stimulus before the election while Covid-19 cases rise.“

Related Tags

Securities and Exchange Commission (SEC) Philippine Stock Exchange index (PSEi) Philippine Stock Exchange

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