Stocks continue to rise

Published February 2, 2021, 4:53 PM

by James A. Loyola

Local share prices continued to rise on hopes of quarantine easing and the passage of a tax incentive bill by Congress.

PSE file photo

The main index gained 53.12 points or 0.78 percent to close at 6,867.88 with only the Property counter retreating.

Volume was higher at 56.17 billion shares worth P10.66 billion as gainers beat losers 157 to 68 with 43 unchanged.

“The local bourse extended its rally on the back of hopes of further easing of social restrictions in the country following NEDA Acting Secretary Karl Chua’s statement on the possibility of relaxation of quarantine measures by March,” said Philstocks Financial Senior Analyst Japhet Tantiangco.

Regina Capital Development Corporation Managing Director Luis Limlingan said  “Philippine shares closed higher as Wall Street appeared to have shaken off concerns about a speculative retail trading mania that largely drove the market’s worst weekly sell-off since October.”

According to AAA Equities Head of Research Chris Mangun, “The PSEi continued higher as the sentiment got a boost from the passing of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill by the Senate and the House of Representatives.”

He added that, “The bill is expected to boost the economy’s recovery with the outright reduction of corporate income tax and other fiscal incentives.”
Mangun noted that, “Investors are slowly gaining confidence as more developments progress.”