The local stock market bounced back to the 7,000 level as global stocks rallied. The PSEi hiked 84.85 points or 1.22 percent to close at 7.044.06 as sub-indices rose across the board.
A hefty 21.86 billion shares worth P18.16 billion changed hands as gainers beat losers 122 to 89 with 54 unchanged. “Philippines shares closed stronger as US future contracts sustained its strong upward momentum,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that many investors are looking forward to an injection of stimulus spending that would further boost the world’s largest economy from a slump caused by the pandemic.
AAA Equities Head of Research Chris Mangun said “The PSEi bounced back and ended higher on last-minute buying. Selling pressure has diminished as investors gained optimism from the global rally in equities.”
He added that, “Stock markets abroad continue to move higher and this is encouraging local investors to hold on to their positions.”
Philstocks Financial Research Analyst Claire Alviar said “Hopes for further easing of restrictions and bargain hunting lifted the market.
“She said investors welcomed the advice of NEDA that the Philippines should be placed under less restrictive quarantine measures.”