PHILIPPINE SHARES continued to climb on Wednesday as the rise in global coronavirus cases slowed and on expectations that the central bank will keep rates low at its meeting today.
The benchmark Philippine Stock Exchange Index (PSEi) rose by 16.6 points or by 0.23% to 7,082.15, while the all shares index increased by 10.88 points or 0.25% to 4,260.81.
“The PSEi continued higher today as more investors turned optimistic, brought by a decline in new global COVID-19 cases. This renewed optimism has encouraged investors that were on the sidelines to take a second look at the market. Even foreign investors were net-buyers today after months and months of heavy selling,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Wednesday.
PSE file photo
The main index gained 44.29 points or 0.65 percent to close at 6,903.75 with only the Industrial and Services counters declining.
Volume was a little higher at 36.2 billion shares worth P10.42 billion as gainers beat losers 123 to 99 with 43 unchanged.
“Local shares closed much higher to reach the 6900 level as regional earnings continue to come in better than expected, and ahead of the local CPI data, which will be released (Friday),” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said stocks rose as “Economic recovery hopes got a boost from the Congress’ ratification of the Corporate Recovery and Tax Incentives for Enterprises bill compelling investors to pick up shares.”
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