Stocks rise as oil prices, COVID cases ease


The local stock market continued to rise as world oil prices eased while local COVID cases declined further.

The PSEi hiked 46.50 points or 0.64 percent to close at 7,266.31 although only the Holding Firms and Industrial counters advanced while the Mining and Oil sector led decliners.

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Volume weakened to 1.34 billion shares worth P8.54 billion as gainers outpaced losers 105 to 90 with 51 unchanged.

“Philippine shares climbed once more as a whipsaw in global energy prices relieved some pressure on the market and 10-year Treasury yields gave up most gains,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “A lot of the economic data outside the country was mixed, hence investors opted to bargain hunt in the local bourse.” “Fund managers also continue to digest the prospect of tightening monetary policy to restrain a surge in inflation stoked partly by energy costs,” Limlingan added.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The main index ended higher, pairing the gains of its Asian peers. The positive sentiment was driven by the improving Covid-19 cases at home with the implementation of Alert level system in other areas outside NCR.”

Citing lower new Covid-19 cases, Alviar said “hopes for further economic reopening are rising.“

She added that the lower volume showed that some investors prefer to wait for third quarter corporate earnings reports.