The local stock market continued to rally on the back of gains in US bourses and hopes of a recovery in the local economy.
The main index jumped 180.72 points or 2.80 percent to close at 6,644.77 although the Mining and Oil counter retreated.
Volume rose to 5 billion shares worth P10.18 billion as gainers beat losers 128 to 73 with 53 unchanged.
“Philippine stocks ended higher once more, even as the presidential race between President Donald Trump and former Vice President Joe Biden looked too close to call in a number of states,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Analyst Claire Alviar said “The PSEi surged following the extended rally of the US markets overnight while investors accumulate shares amid recovery hopes.”
“There is optimism at home, investors are looking into the economic recovery along with the anticipated earnings growth of the companies in the coming year. Earnings remained dim but some companies showed a recovery in the third quarter which spurs positive sentiment and is expected to continue amid relaxed quarantine restrictions,” she added.
AAA Equities Head of Research Chris Mangun said “The PSEi marked four consecutive days of gains as more and more investors gain confidence that the economy will see a strong rebound in the fourth quarter. A pick up in government and consumer spending is expected as we approach the Christmas season.“