Stock Market Breached The 7,000 Level For The Second Time
As investors become more optimistic about economic recovery and corporate performance in the country, the stock market index managed to sustain an upward trend yesterday, returning to the 7,000 level for the second time since the start of the lockdown.
The benchmark Philippine Stock Exchange index or PSEi went up by 1.33 percent or 92.64 points to end for the second consecutive day in the green at 7,051.78. This also marked the PSEi’s return to the 7,000 level which it last breached on November 10.
Regina Capital Development Corp. managing director Luis Limlingan said in an interview:
“Investors returned to local shares amid disappointing economic data from the US and accelerating COVID-19 cases, keeping investors in the Philippine market.”
The broader All Shares index rose by one percent which is 41.13 points, now settling at 4,144.87. All counters closed with gains except for mining and oil which went down by 1.08 percent. Holding firms and financials took the lead by jumping 1.94 percent and 1.92 percent, respectively.
Value turnover was at ₱10.93 billion showing a slight improvement from the previous day’s 10.25 billion. Market breadth was positive with advancers crushing decliners, 126 to 86, while 55 stocks did not change.