^
Index recovers, nears 6,200 as Wall St rallies
The benchmark Philippine Stock Exchange index added 31.82 points or 0.51 percent to finish at 6,196.71, while the broader All Shares index gained 13.51 points, or 0.35 percent to end at 3,834.78.
Philstar.com/File

Index recovers, nears 6,200 as Wall St rallies

Elijah Felice Rosales (The Philippine Star) - May 26, 2021 - 12:00am
This is a May 2021 story.

 

MANILA, Philippines — Stocks yesterday recovered its losses the previous day as risk appetite returned following a rally in Wall Street overnight amid lessening fears about inflation-driven rate hikes, traders said.

The benchmark Philippine Stock Exchange index (PSEi) added 31.82 points or 0.51 percent to finish at 6,196.71, while the broader All Shares index gained 13.51 points, or 0.35 percent to end at 3,834.78.

A total of P6.02 billion worth of shares changed hands throughout the day, with gainers outpacing the decliners, 98 to 88, while 58 issues were unchanged.

Luis Limlingan, head of sales at Regina Capital, said investors went on a buying spree to take advantage of the recovery of technology firms in the region. Likewise, confidence in the market increased on progress made in local and overseas vaccination programs.

“Philippines shares were brought up with sentiment changing positively, as tech shares rebound in regional markets,” Limlingan said in a market analysis.

“Stocks also rose with commodities as a demand bump, fueled by COVID-19 vaccination drives, gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions,” he added.

Investors are expected to modify their trading activities based on how the US Federal Reserve addresses the inflationary pressures hounding the American market.

In Asia, bourses ended mixed as investors monitor the resurgence in COVID-19 cases in the region. Malaysia, Thailand and Vietnam are posting new record highs in their daily count attributed to the easing of border restrictions for foreign nationals.

STOCK MARKET
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with