PSEi breaches 7,000 level

Published October 6, 2021, 4:32 PM

by James A. Loyola

The PSEi breached the 7,000 resistance level as share prices rode on optimism from gains in US bourses as well as the declining COVID numbers in the Philippines.

The main index rose 78.27 points or 1.12 percent to close at 7,059.51 as the Services sector continued to lead the charge across the board.

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Volume was also higher at 2.71 billion shares worth P9.55 billion as gainers beat losers 113 to 92 with 41 unchanged.

“Philippine shares rode on the positive momentum in the US last night after the rout in tech stocks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “The solid ISM PMI showing of 61.9 for September precipitated the upbeat sentiment that drove the markets… In addition, funds continued to buy given the promising CPI data, which showed a deceleration yesterday.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Optimism towards the country’s improving COVID-19 situation sustained the market’s upward movement.”

 
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