Stocks kick off December on positive note

Published December 1, 2020, 4:12 PM

by James A. Loyola

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The local stock market bucked expectations of further corrections and surged on the first trading day of December, kicking off what many hope will continue into a Christmas rally.
The PSE soared 218.10 points or 3.21 percent to close at 7,009.56 as the Property and Holding Firms counters led the charge although banks retreated.
Volume was lower but remained hefty at 4.04 billion shares worth P10.89 billion with gainers outpacing losers 119 to 102 with 35 unchanged.
“Local shares started the first trading day of the month charging past 7,000 as investors positioned for Xmas rally and ahead of 2021. In addition, many bought into shares that were heavily oversold after the MSCI rebalancing last Friday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris noted that, “The PSEi rallied today as buyers aggressively picked up shares of blue chips that were battered last week… Investors remain very optimistic which is evident in the market’s movement as well as trading volumes. The optimism came from the expectations of more mobility in the coming weeks as the government lifted certain restrictions to allow more economic activity.”