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Manila Bulletin devider Business devider PSEI at new high for 2021

PSEI at new high for 2021

Published Nov 8, 2021 05:01 pm

The local stock market sustained last week’s winning streak on Monday, with the PSEi hitting its highest level so far this year, as investors remained bullish amid the downtrend in COVID cases and the coming announcement of the Philippine gross domestic product.

The main index added 55.45 points or 0.75 percent to close at 7,396.22 as Banks and the Services sector led the rally although the Holding Firms and Mining and Oil counters retreated.

Volume rose to 1.34 billion shares worth P8.3 billion as gainers outpaced losers 107 to 101 with 44 stocks holding steady.

“Philippine shares continued to be bought up, closing at a new year-to-date high with the revision of second quarter GDP to 12 percent and the continued earnings releases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, stock prices were alao boosted by “positioning being made ahead of any announcements from the MSCI, and third quarter GDP which will also be out this week.”

“Investors are also making bets as they await fresh US CPI (consumer price index) and PPI (producer pr index ) readings, to which economists expect to remain hot for October," he noted.

Limlingan also cited last week’s momentum on the back of better-than-expected October Jobs data, and Pfizer's COVID19 pill which refueled the market's optimism towards further economic reopening.

AB Capital Securities said “The local market sustained its bullish momentum as investors rotate from second and third liners to blue-chip stocks, placing bets on a strong economic recovery in the fourth quarter.”

For his part, Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its rally this Monday as investors continued to digest the country’s improving economic outlook brought by the easing of restrictions in the National Capital Region.”

He noted that, “Foreign investors helped in Monday’s rise with net inflows amounting to P908.47 million.”

Converge ICT Solutions, Inc. was the day’s index leader, jumping 6.02 per to P35.20 per share, while Wilcon Depot, Inc. was the main index loser, falling 3.52 percer to P30.15 a share.

Related Tags

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