Published May 28, 2021, 4:33 PM
The local stock market held its ground as investors remain optimistic and did not pocket substantial gains made in the past two days.
The main index inched up 9.37 points or 0.14 percent to close at 6.674.51 as the Services and Property counters led gainers while the Holding Firms sector was the only one in the red.
Volume was lower but remained high at 1.67 billion shares worth P12.41 billion as gainers beat losers 119 to 69 with 66 unchanged.
“Philippine shares shares edged higher after investors digested another batch of positive economic data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
The U.S. Labor Department announced that the initial jobless claims continued to fall as the economic recovery encouraged companies to start hiring. The U.S. first-quarter GDP also steadied at 6.4 percent.
The PSEi surged 323.90 points or 5.11 percent to close at 6,665.14 as all sectors advanced.
Volume of trades also spiked, rising to 2.29 billion shares worth P23.8 billion as gainers swamped losers 145 to 60 with 39 unchanged.
“The index continued its hot streak with the effect of the MSCI rebalancing taking place and window dressing coming into full swing, while sentiment overseas was swayed as investors focused on retailers, travel, and leisure companies,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “The U.S. Treasury yields also declined, suggesting that inflation concerns have subsided.“
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market rallied on the back of optimism towards more fiscal stimulus for the Philippine economy. This comes as the Bayanihan to Arise as One bill gets set for a third and final reading at the House of Representatives.”
Published May 26, 2021, 4:03 PM
The Philippine stock market jumped on the passage of the pandemic relief law and the start of month’s end window-dressing.
The main index surged 144.53 points or 2.33 percent to close at 6,341.24 as share prices rose across the board.
Volume also spike to 1.26 billion shares worth P13.09 billion as gainers beat losers 140 to 74 with 47 unchanged.
“Local shares were aggressively bought up as early window dressing for May commenced, and while shares were still at bargain levels,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “In addition, cases of Covid-19 have continued to decelerate, prompting investors to speculate that the country will transition to looser restrictions next month.”
Published May 25, 2021, 4:01 PM
The local stock market bounced as investors took their cues from gains in overseas markets.
The main index rose 31.82 points or 0.52 percent to close at 6,196.71 although sectoral indices were evenly mixed. Advancers were led by blue-chip Holding Firms while miners were the biggest decliners.
Volume improved to 1.16 billion shares worth P6.02 billion as gainers outpaced losers 98 to 88 with 58 unchanged.
“Philippine shares were bought up with sentiment changing positively as tech shares rebounded in regional markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Stocks also rose with commodities as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.”
Stocks gauge, peso end on positive note visayandailystar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from visayandailystar.com Daily Mail and Mail on Sunday newspapers.