PSEi bounces on window dressing

Published August 31, 2021, 4:38 PM

by James A. Loyola

The local stock market started the week lower but rose towards the end of the session as funds started window-dressing.

The main index gained 68.82 points or 1.01 percent to close at 6,855.44 led by the blue-chip Industrial sector with only the Financials counter retreating.

Volume surged to 2.92 billion shares worth P14.85 billion although losers still outnumbered gainers 120 to 65 with 55 unchanged.

“Last minute buying sent the local market higher. For most of the day however, the market was in the negative territory, plunging as low as 6,651.01,” said Philstocks Financial Senior Supervisor for Research Japhet Tantiangco.

He added that, “This came as investors priced in the wider economic losses brought by the extension of the strict quarantine measures in the National Capital Region and in other areas of the country.”

Tantiangco noted that, “COVID-19 worries also weighed on sentiment amid the continuous surge in our daily new cases with Sunday (August 30, 2021) registering a record high of 22,366.”

Regina Capital Development Corporation Managing Director Luis Limlingan said earlier that, investors will be focused on the MSCI rebalancing and window dressing, while awaiting the release of the latest banking data and PMI in the next few days.”