Stock market investors started the new year with optimism, pushing the main index up on the first trading day of 2021.
The PSEi rose 57.79 points or 0.81 percent to close at 7,197.50 with only the Financials sector retreating.
A hefty 21.55 billion shares worth P10.03 billion changed hands as gainers barely edged out losers at 124 to 121 with 36 unchanged.
“Local shares kicked off the year on a positive note, as investors made bets ahead of the vaccine rollout and the recovery of the Philippine economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Sentiment spilled over as US stocks went out with a bang on Thursday, the last trading day of 2020, with major indices setting fresh record highs to cap the year off.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market started the trading year with gains as investors digest the economic recovery prospects for 2021. Investors also cheered China's December Caixin/Markit Manufacturing Purchasing Managers’ Index which posted 53.0 signifying an expansion.”
AAA Equities Head of Research Chris Mangun noted that, “The PSEi started the year on a positive note, ending the day just a few points away from its 7,200 support level as investors remain cautiously optimistic. Selling pressure subsided compared to what we saw in the previous weeks after current lockdown restrictions were extended instead of tightened which some were expecting.”