Late buying pushes index to 6,500 level

MANILA, Philippines — Share prices snapped a two-day losing streak as investors went on a bargain buying spree at the last minute, traders said.

The 30-company Philippine Stock Exchange index (PSEi) closed 40.66 points or 0.62 percent higher to its intra-day high of 6,500.42.

Likewise, the broader All Shares gauge rose 19.81 points or 0.49 percent to finish at 3,988.83.

All sectors ended in positive territory as well, with mining and oil leading the gains.

Traders said several mining issues continued to advance as investors speculate potential developments after the Duterte administration lifted the nine-year moratorium on new mining contracts.

Total value turnover, meanwhile, reached P5.515 billion. Market breadth was positive, 106 to 84, while 56 issues were unchanged.

“The market is in equilibrium as buyers and sellers have balanced each other out. Optimism on the economy’s recovery and inoculation progress was canceled out by soaring new COVID-19 cases and tighter restrictions. The market’s movement is similar to what we saw back in September to October of last year, right before it took off,” said Chris Mangun of AAA Southeast Equities.

A potential market catalyst in the coming days is the Securities and Exchange Commission’s approval of Monde Nissin Corp.’s record P72.45-billion initial public offering, he added.

Around Asia, stock markets were mixed yesterday after Wall Street was pulled lower by tech stock declines.

Investor optimism has been boosted by higher corporate profits, US hiring and consumer confidence. Still, traders are uneasy about a rise in inflation and interest rates and renewed coronavirus infections that prompted some governments to reimpose anti-disease controls.