PSEi takes cue from foreign markets, ends week higher

MANILA, Philippines — Local stocks took their cue from the bullish markets abroad as the main index finished at its highest level in three weeks.

The benchmark Philippine Stock Exchange index  or PSEi rose anew yesterday, gaining 170.27 points or 2.39 percent to close at 7,289.88, the highest since Dec. 17 last year, ending the first trading week of 2021 on a high note.

The broader All Shares index likewise rallied to 4,354.27, up 82.78 points or 1.93 percent.

“The PSEi took off and ended the day with substantial gains led by blue chip banks as optimism returns. The general sentiment improved as investors took cues from markets abroad. US indexes continue to hit new all-time highs, showing investor confidence despite the recent political upheaval,” said Chris Mangun of AAA Southeast Equities.

Around Asia, major bourses vaulted to record highs yesterday, led by Japan’s Nikkei which hit a three-decade peak, as investors looked beyond rising coronavirus cases and political unrest in the US to focus on hopes for an economic recovery later in the year.

Regional share prices were also boosted by US stock indexes surging to all-time highs.

“Asia markets tracked the Wall Street optimism for a second morning, climbing amid the sustained hopes of further fiscal injections in the US to keep the recovery on track,” said Jingyi Pan, a market strategist at IG in Singapore.