Wave of optimism buoys share prices

MANILA, Philippines — The stock market opened the week on a positive note, with the main composite index rising by 8.83 points or 0.12 percent to close at 7,178.62.

Likewise, the broader All Shares index finished at 4,254.26, up 34.87 points or 0.82 percent.

Most of the sectors climbed as well, finishing in the green except for the property and services which declined 1.73 percent and 0.02 percent, respectively.

Total value turnover was robust at P11.93 billion. Market breadth was positive 147 to 77, while 45 issues were left unchanged.

Traders said the stock market booked minor gains, but still a welcome respite from previous months of worrisome market performance.

“The PSEi ended with minor gains, mainly flat after trading much higher earlier in the session. We saw a wave of selling right before the close as investors rushed to take profits from the extended rally,” said Chris Mangun of AAA Equities.

He said that banking stocks continue to lead the market’s rally with the financial index ending with a substantial 3.33 percent gain.

Moving forward, Mangun said investors remain optimistic that the economy is going to get a massive boost once quarantine restrictions are lifted at the end of November.

At the same time, he said the main index will decline further in the coming days as profit-taking ensues.