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Manila Bulletin

Business

Stocks close higher on year's last trading

Business

Stocks close higher on year's last trading

By James A. Loyola

The local stock market Tuesday posted a small gain on its last trading day for 2020 on the back of positive developments here and abroad.

The Philippine Stock Exchange index (PSE) rose 17.46 points, or 0.25 percent, to close at 7,139.71 with only the Property and Services counters in the red.

PSE file photo (Photo credit: https://www.pse.com.ph)

Volume rose to 95.98 billion shares worth P11.11 billion although losers edged out gainers 122 to 119 with 36 unchanged.

“Philippine shares ended the year on a positive note with some window dressing along with news that the US President signed a fiscal relief bill over the weekend,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Analyst Claire Alviar said the PSEi closed higher amid positive economic data at home with a little window dressing.

She cited the signing of the national budget for 2021 so “There's no more fear about the reenacted budget next year that may hinder economic recovery.” “Also, net inflow of foreign investment portfolio in November added more optimism for the day. These provide hopes for a better 2021 than this year's performance,” Alviar added.

Related Tags

PSEi Philstocks PSE Regina Capital Development Corporation

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