Stocks up slightly on extended rally

Published November 23, 2020, 4:29 PM

by James A. Loyola

The local stock market was barely higher after investors were quick to cash out after early gains.

The main index gained 8.83 points or 0.12 percent to close at 7,178.62 with only the Services and Property counters in the red.
Volume was weaker at 9.35 billion shares worth P9.56 billion as gainers beat losers 147 to 77 with 45 steady.
“The PSEi settled slightly up as positive developments for a vaccine distribution offset negative news of soaring COVID-19 cases and disagreement on new stimulus,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “The PSEi ended with minor gains, mainy flat after trading much higher earlier in the session. We saw a wave of selling right before the close as investors rushed to take profits from the extended rally.”
He noted that, “Investors remain optimistic that the economy is going to get a massive boost once quarantine restrictions are lifted at the end of November.”