Stocks climb past 6,600, highest in over 3 weeks

MANILA, Philippines — Share prices rallied for the third consecutive day yesterday, entering the 6,600 territory anew as investors put their bets on choice blue chips.

The Philippine Stock Exchange index (PSEi) closed at 6,651.71, up 61.60 points or 0.93 percent, while the broader All Shares index gained 41.94 points or 1.04 percent to end at 4,044.94.

It was the PSEi’s highest finish since March 12 when it closed at 6,728.55.

Total value turnover increased to P6.054 billion as advancers trumped decliners, 147 to 57, led by SM Prime Holdings (which rose 5.3 percent), JG Summit Holdings, (2.1 percent) and SM Investments Corp.(0.6 percent).

AB Capital Securities said net foreign selling, however, persisted for the fifth straight session with P667 million.

Chris Mangun of AAA Equities said the market continued higher due to light selling pressure as investors chose to be optimistic despite concerns of an extended lockdown due to surging COVID-19 cases.

He said investors are also looking forward to the recovery after more than a year of suffering under the pandemic.

“The PSEi is currently up 3.2 percent for the week and although we may see some profit taking on the last trading day, it may still end with some gains for the week,” Mangun said.

Stocks around Asia likewise climbed to three-week highs yesterday as investors eyed the upcoming earnings season for further signs of a global economic recovery, while the dollar slipped to a two-week low.

“The US economy is experiencing the first effects of a powerful double-dose vaccine of broad inoculation and fiscal stimulus,” said David Kelly, chief global market strategist at J.P. Morgan Asset Management.