Stocks track gains on Wall Street, rise for second session

MANILA, Philippines — Stocks further advanced yesterday, following Wall Street higher after the top US Federal Reserve official calmed fears over inflation and an earlier-than-expected rate hike.

On the local front, risk appetite was also lifted by the lesser number of new COVID-19 infections, fueling hopes of widening the scope of reopening the economy.

The benchmark Philippine Stock Exchange index or PSEi added 48 points or 0.7 percent to close at 6,918.41. The broader All Shares index also finished higher at 4,203.59, up 20.69 points or 0.50 percent.

All subsectors ended in positive territory, led by property, mining and oil and services.

Total value turnover reached P6.14 billion. Market breadth was positive, 116 to 94, while 52 issues were unchanged.

AAA Southeast Equities head of research Chris Mangun said the PSEi advanced yesterday due to substantial gains in large-cap property firms along with port operator ICTSI and fastfood giant Jollibee Foods Corp. ICT gained 2.81 percent while JFC shares rose 1.94 percent

“The performance of these issues is consistent with the “economy reopening” theme that has been driving the market higher,” Mangun said.

However, trading volume remained below average, a sign that most investors are still on the sidelines, looking forward to the results of central bank meetings which will be out by the end of the week.