The local market closed its best week since the start of quarantine Friday on the back of good corporate earnings and US stimulus news.
The Philippine Stock Exchange index (PSEi) rose by 139.43 points, or 2.2 percent, to close at 6,484.06 although the Services sector did not join the rally.
Volume was lower but remained hefty at 1.38 billion shares worth P8.49 billion as gainers beat losers 129 to 81 with 48 unchanged.
“Another value stock-led rally pushed the PSEi solidly into the green to close the week as positive earnings reports and optimism about U.S. stimulus offset concerns about rising virus cases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Analyst Piper Tan said “The market has been impressive. This rally has not been seen since the start of easing of quarantine restriction (June 2020). Week on week performance has been up 9.35 percent.”
He added that, “Investors are looking at the reduction of daily COVID-19 cases and also corporate earnings. Adding to this optimism is the approval of a Covid-19 drug and the rise of the US market.”