Index returns to 7,000 level as investors turn optimistic

MANILA, Philippines — The stock market sustained its upward momentum yesterday, returning to the 7,000 level as investors turn more optimistic on corporate performance and economic recovery.

The benchmark Philippine Stock Exchange index or PSEi surged 1.33 percent or 92.64 points to end for the second consecutive day in the green at 7,051.78.

It also marked the PSEi’s return to the 7,000 level, which it last breached on Nov. 10.

The broader All Shares index also rose one percent or 41.13 points to settle at 4,144.87.

“Investors returned to local shares amid disappointing economic data from the US and accelerating COVID-19 cases, keeping investors in the Philippine market,” Regina Capital Development Corp. managing director Luis Limlingan said.

All counters except for mining and oil ended with gains, led by holding firms and financials, which jumped 1.94 percent and 1.92 percent, respectively.

Mining and oil, however, fell 1.08 percent.

Value turnover remained strong for the second consecutive session at P10.93 billion, a slight improvement from the previous day’s P10.25 billion.

Market breadth was positive with advancers crushing decliners, 126 to 86, while 55 stocks did not change.