PSEi sustains gains as global growth outlook brightens

MANILA, Philippines — Share prices ended higher yesterday, sustaining Monday’s gains, as leading economies worldwide showed signs of recovery in July, traders said.

The benchmark Philippine Stock Exchange index or PSEi gained 23.02 points or 0.38 percent to finish at 5,953.94.

Likewise, the broader All Shares index gained 23.92 points or 0.68 percent to close at 3,537.29.

Majority of the sectors finished in positive territory except for the financials and industrial gauges.

Total value turnover, however, remained thin at P5 billion. Market breadth was positive, with 115 advancers to 84 decliners, while 38 issues were unchanged.

“Philippine shares continued to trade upward with value leading the momentum. Most of the re-opening themes led the rally after Macau said it plans to re-open its border to more Chinese cities. The growth outlook for the world’s leading economies showed signs of continued strengthening in July, although indicators remain below pre-crisis levels, the OECD said,” Luis Limlingan of Regina Capital said in a commentary.

Still, uncertainties surrounding the global coronavirus disease 2019 or COVID-19 situation continue to weigh on markets across the globe.

Global cases top 20 million; deaths pass 732,000. Confirmed virus cases in the US rose 0.9 percent as compared to the same time Sunday to 5.07 million, Limlingan said.