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Manila Bulletin devider Business devider PSEi breaches 7,300 level

PSEi breaches 7,300 level

Published Dec 29, 2021 04:09 pm

The PSEi breached the 7,300 level as investors easily pushed up share prices amid thinning volume.

The main index rose 48.06 points or 0.66 percent to close at 7,334.56 as the Mining and Oil and Property sectors led the rally although the Holding Firms’ counter slipped into the red.

Volume dipped further to 1.75 billion shares worth P5.23 billion as gainers outpaced losers 114 to 79 with 62 unchanged.

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“Philippine shares once again made steady gains as part of the year end window dressing amid a quiet week and ahead of the holidays,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Investors have been betting that the spread of the Omicron variant of the coronavirus won't derail US economic growth, even if outsized gains in 2022 look less likely after this year's powerful run-up in stocks.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally to a third straight day, going beyond its 7,300 resistance level, as hopes toward a stronger economy for 2022 continued to lift sentiment, overshadowing the lingering COVID-19 concerns.”

He added that, “Foreign transactions for the day ended in a net inflow of P568.40 million, adding boost to the market’s rally.”

Related Tags

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