The Philippine Stock Exchange index (PSEi) rose further on Friday, Nov. 21, after investors reacted positively to the government’s announcement of a balance of payments (BOP) surplus.
The benchmark index rose by 66.32 points, or 1.12 percent, to close at 5,997.13. Conglomerates led Friday’s rally, while miners continued to retreat.
Volume jumped to 1.67 billion shares worth ₱9.15 billion. Gainers beat losers—118 to 75, with 53 unchanged.
“The PSEi continued its upward movement as buying pressure persisted throughout the session,” said Regina Capital Development Corp. managing director Luis Limlingan.
He noted that, “Market sentiment improved after a favorable BOP, easing some concerns over external pressures. Overall, investors reacted positively, supporting the index’s movement.”
Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market rose further as investors continued with their bargain hunting. Investors also digested the Philippines’ BOP position last October, which posted a surplus of $706 million.”
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the PSEi continued to post relatively stronger gains for the third consecutive trading day due to some international rotational trading that could have benefited the local stock market, after United States (US) stock markets dropped amid concerns over the valuation of some tech and artificial intelligence (AI) shares.