The local stock market breached the 7,000 level again on renewed optimism among investors.
The main index rose 92.64 points or 1.33 percent to close at 7,051.78 with only the Mining and Oil counter retreating. Volume remained high at 12.34 billion shares worth P10.93 billion as gainers beat losers 126 to 86 with 55 steady.AAA Equities Head of Research Chris Mangun noted that, “The PSEi rallied today led by gains in conglomerates and the banks. Investors remain optimistic that the economy will see a massive rebound in the fourth quarter.”
“Investor returned to local shares as disappointing economic data from the US and accelerating Covid-19 cases keep investors in the Philippine market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.