Stocks extended their gains for a fourth straight day, bucking the downtrend in most Asian bourses, as investors start picking up bargains amid easing quarantine measures in the country.
The benchmark Philippine Stock Exchange index or PSEi rose by 66.04 points or 1.05 percent while the broader All Shares index jumped to 3,788.75, up 27.90 points or 0.74 percent.
Meanwhile, other Asian stocks followed Wall Street lower as investors watched Washington for signs of whether political leaders can agree on an economic aid plan in the two weeks before the Nov. 3 presidential election.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul retreated.
The total value of trades yesterday was robust at P9.8 billion even as market breadth was negative, 112 to 100, while 43 issues were unchanged.
Chris Mangun of AAA Southeast Equities said a pickup in the economy’s recovery brought about by lighter mobility restrictions as well as the downtrend in new coronavirus cases served as catalysts for the market’s climb.
“We may see more profit taking on the last trading day for the week. But nonetheless, it will end as one of the best weeks that the market has had in the last few months,” Mangun said.
Luis Limlingan of Regina Capital said the positive sentiment could also be attributed to the continued stimulus noise in the US, with House Speaker Nancy Pelosi indicating progress on a deal.
- Iris Gonzales (The Philippine Star )
Source: Peso Economics
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