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Manila Bulletin devider Business devider PSEi sustains rally on better earnings

PSEi sustains rally on better earnings

Published Nov 4, 2021 04:16 pm

The PSEi sustained its rally for the third session this week, boosted by positive corporate earnings reports.

The main index added 19 points or 0.26 percent to close at 7,203.72 as the Mining and Oil counter bounced back and led the advance across the board.

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Volume was steady at 4.69 billion shares worth P7.68 billion as losers beat gainers 123 to 80 with 42 unchanged.

“The index sustained solid gains with more index heavyweights reporting earnings,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, sentiment was also boosted “as the Federal Reserve said it will begin trimming its monthly bond purchases in November with plans to end them in 2022. The US central bank will be reducing the pace of its monthly bond buying by $10 billion for Treasury Securities and $5bn for agency mortgage-backed securities. It also left interest rates unchanged near zero.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its climb due to the continuous decline in our COVID-19 cases, and the lifting of curfew in the National Capital Region which is expected to augment economic activities lifted sentiment.”

He added that, “Wall Street’s continuous rally towards record highs also helped in Thursday’s session.“

Tantiangco noted though that, “Selling pressures were noticed with the market dropping to an intra-day low of 7,176.64, down by 0.11 percent from the preceding day.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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