Stocks rise on late buying

Published February 4, 2021, 4:31 PM

by James A. Loyola

The Philippine Stock Exchange Index (PSEi) moved up as investors started buying again on improving sentiment.

PSE file photo

The main index gained 44.29 points or 0.65 percent to close at 6,903.75 with only the Industrial and Services counters declining.

Volume was a little higher at 36.2 billion shares worth P10.42 billion as gainers beat losers 123 to 99 with 43 unchanged.

“Local shares closed much higher to reach the 6900 level as regional earnings continue to come in better than expected, and ahead of the local CPI data, which will be released (Friday),” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Analyst Japhet Tantiangco said stocks rose as “Economic recovery hopes got a boost from the Congress’ ratification of the Corporate Recovery and Tax Incentives for Enterprises bill compelling investors to pick up shares.”

Meanwhile, AAA Equities Head of Research Chris Mangun said “The PSEi inched higher as selling pressure continues to subside. Last-minute buying allowed the main index to end at its high for the day.”

He added that, “Volatility on blue chips continue to decline as investors await earnings,” but noted that,  “The general sentiment remains cautious as investors monitor the economy’s recovery.”