Local share prices rose and pushed the PSEI above the 7,500 level on the back of gains in US bourses.
The main index hiked 44.25 points or 0.59 percent to close at 7,502.48 on strong gains by the Property sector although the Holding Firms counter declined. Volume rose to 975 million shares worth P8.41 billion as gainers beat losers 112 to 89 with 58 unchanged.
“Philippines shares rode on the rebound of Wall Street as investors continued to bargain hunt ahead of Thursday’s key CPI report,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “local investors pushed the PSEi slightly above 7500 on the possibility of having Metro Manila under Alert Level 1 by March.“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally as investors were cheered by the decline in the country’s new COVID-19 cases.”
He noted that, “The downtrend in cases raises hope that the country will be placed under more relaxed restrictions soon.”