PSEi rallies around 7,300 levels
The local title rose again on Wednesday, again thanks to the improvement in the Covid-19 pandemic situation in the country and the Wall Street night rally.
The 30-member Philippine Stock Exchange Index (PSEi) climbed 0.42% or 30.77 points to its intraday high of 7,297.08, while the All Shares index in the sense broad rose 0.33% or 14.84 points to close at 4,466.24.
Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said the continued improvement in the local pandemic situation has prolonged the market’s rise.
“The decline in Covid-19 cases and the gradual vaccination campaign in the country have maintained optimism as they strengthen the possibility of continuously relaxing social restrictions,” Tantiangco explained.
The government recently extended the alert level system to certain areas outside of Metro Manila from October 20 to 31, 2021.
Meanwhile, the Philippines recorded 3,656 new cases of Covid-19 on Wednesday, bringing the total to 2.735 million.
Tantiangco added that the positive fallout from the overnight rise in US stocks also helped the local stock market.
The Dow Jones, S&P 500 and Nasdaq rose 0.56%, 0.74% and 0.71% respectively.
Regina Capital Development Corp. Managing Director Luis Limlingan said the market climbed as “investors seemed to start betting on strong quarterly reports, following strong US performance.” .
Trade has always been strong, with net sales of 8.52 billion pesos, standing above the 7.31 billion pesos average since the start of the year. year.
Foreign funds, however, saw another exit, with net overseas sales amounting to P31.57 million.
Conglomerates led local sectors at 0.79%, while miners and banks posted losses at 2.52% and 0.11% each.
Total turnover in volume was 1.34 billion shares valued at 9.44 billion pesos.
Advances edged out declines to 106-80, while 52 titles were left unchanged.