Stocks extend rally, end week on high note

MANILA, Philippines  — The local stock market ended the week on a high note, completing a full rally to close 139.43 points or 2.19 percent higher at 6,484.06.

The broader All Shares index also climbed up, gaining 71.20 points or 1.87 percent to finish at 3,859.95.

Most of the sectors rallied as well save for the services index which ended in the negative zone.

Total value turnover reached P8.49 billion. Market breadth was positive, 129 to 81, while 48 issues were unchanged.

Traders said investors cheered the decline in the number of COVID-19 cases based on the Department of Health’s daily tally although this was also due to the slowdown in testing .

The DOH reported yesterday 1,923 new cases, bringing the total number of cases to 365,799. Total deaths have reached 6,915.

Traders said investors were also awaiting third quarter and nine-month corporate earnings results from listed firms, some of which have already started to come in.

Positive results are expected from food and beverage companies, telecommunication firms and other essential businesses but likely still a slowdown for other non-essential retail and property giants due to dampened mall activities.

Traders may likewise be repositioning for the P29- billion initial public offering of Converge ICT on Monday, the biggest IPO in the country in recent years.