The local stock market posted more gains as investors grow more optimistic with the coming earnings season and dropping COVID-19 csses.
The PSEi added 30.77 points or 0.42 percent to close at 7,297.08 as Holding Firms led gainers although the Mining and Oil and Financials counters saw some profit-taking.
Volume was slightly higher at 1.34 billion shares worth P9.44 billion as gainers outpaced losers 106 to 80 with 52 unchanged.
“Philippine stocks closed higher as investors appeared to start making bets on solid quarterly reports, following the strong results of the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Asian markets generally tracked the gains as the focus on corporate earnings helps to ease some of the concerns over inflationary pressures in the global economy.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its rally after the drop in COVID-19 cases and the progressive vaccination campaign in the country sustained the optimism as they strengthen the possibility of the social restrictions being continually eased.”
He noted that, “The positive spillovers from Wall Street’s rally overnight also helped in Wednesday’s gains.”