The stock market weakened as investors continued to pocket gains while waiting for more cues to buy up stocks.
Photo credit: https://www.pse.com.ph
The main index dropped 31.8 points or 0.45 percent to close at 6,959.21 with only the Financials and Mining and Oil counters holding their groun
The Philippine stock market gained a little more ground as investors are cautiously becoming more optimistic because of developments here and overseas.
PSE file photo
The benchmark PSEi moved up 16.60 points or 0.24 percent to close at 7,082.15 although the Financials and Industrial counters r
Published February 9, 2021, 4:41 PM
The local stock market chalked up some gains as losers investors were encouraged by a new US stimulus package and the arrival of vaccines in the Philippines.
The main index rose 41.07 points or 0.59 percent to close at 7,065.55 with sectoral indices evenly mixed.
Volume improved to 30.44 billion shares worth P12.27 billion as gainers outnumbered losers 127 to 104 with 40 unchanged.
“Local shares closed higher as investor repositioned after the release of the results of the PSEi rebalancing, while others made bets ahead of the MSCI’s decision,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Others became hopeful that the new COVID-19 stimulus coupled with further economic recovery would be enough impetus for companies to recover.”
The local stock market ended the week on a high note despite the inflation rate rising faster than expected.
The main index jumped 115.43 points or 1.67 percent to close at 7,019.18 as share prices rose across the board led by the Property sector.
Photo credit: PSE Information Desk
However
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.”