The local stock market advanced for the third straight session Tuesday, (March 2), on optimism over the arrival of vaccines.
The Philippine Stock Exchange index (PSEi) gained 46.57 points, or 0.68 percent, to close at 6,919.54 although sectoral indices were evenly mixed.
Volume improved to 126.72 billion shares worth P9.89 billion with losers beating gainers 121 to 105 as 44 remained steady.
“The local index climbed in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse extended its gains on the back of the positive spillovers from Wall Street’s overnight rally. The sustained expansion in our manufacturing sector also gave boost to investor sentiment.”
AAA Equities Head of Research Chris Mangun noted that, “Gains were led by large-cap holding firms supported by blue-chip property issues.”
“The trading day started slow with the main index in the red in early trading as several concerns remain. Although we saw the PSEi end at its high for the day, we are beginning to see a slowdown in its momentum,” he added.
Mangun said that, “Despite the beginning of the vaccine rollout and easing of restrictions, investors are wary of rising inflation and the prolonged economic recovery.“