Index caps week on positive note

MANILA, Philippines — The stock market ended the week on a high, rising for a second session yesterday, as investors feel more hopeful of continued easing of mobility restrictions in the country despite the still elevated COVID-19 cases.

The benchmark Philippine Stock Exchange index (PSEi) closed at 6,897.13, up 62.47 points or 0.91 percent while the broader All Shares index gained 29.58 points or 0.70 percent to finish at 4,261.69 .

Total value turnover reached P6.454 billion. Market breadth was positive, 104 to 102, while 39 issues were unchanged.

AB Capital Securities said the local market rallied for the third straight week, led by SM which gained four percent, BPI 1.6 percent and Aboitiz Equity Ventures 2.1 percent, accounting for 54 points of the total rally.

Japhet Tantiangco, an analyst at Philstocks Financial Inc., said investors are returning to the market in hopes that restrictions in the country would steadily ease.

“Investors are hoping that the government will shift their strategy from broad-based quarantine restrictions to granular lockdowns to allow more mobility and economic activities,” he said.

Market sentiment was also fueled by hopes on Presidential Adviser for Entrepreneurship Jose Maria Concepcion’s “Bakuna Bubble” amid growing support for the said concept, he added.

On the external front, Tantiangco said there were also positive spillovers from Wall Street.

Foreign investors helped in yesterday’s gains with net inflows amounting to P242.74 million.