The local stock market surged on the back of gains in the US following the confirmation of the victory of President-elect Joe Biden.
The main index jumped 170.27 points or 2.39 percent to close at 7,289.88 with only the Mining and Oil counter retreating.
Volume rose to 25.13 billion shares worth P11.06 billion as gainers outnumbered losers 141 to 74 with 48 unchanged.
“Philippine shares surged after Congress confirmed President-elect Joe Biden’s election win, offering the prospect of more financial aid for consumers and businesses coping with the coronavirus pandemic,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market rallied as it took cues from Wall Street’s record high performance overnight. This comes as the Democratic party takes control of the US Congress while Joseph Biden’s election as President gets confirmed raising prospects for further US fiscal stimulus.”
AAA Equities Head of Research Chris Mangun said “The PSEi took off and ended the day with substantial gains led by blue chip banks as optimism returns. The general sentiment improved as investors took cues from markets abroad.”
He added that, “Today’s gains allowed the PSEi to end the first week of the year with gains. This was a very volatile week after the heavy selldown that we saw at the beginning of the week. This is the highest level that the main index has ended at since February of last year.“