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Index pierces 7,000 mark, ends at 8-month high

Iris Gonzales - The Philippine Star
Index pierces 7,000 mark, ends at 8-month high
The 30-company benchmark Philippine Stock Exchange index or PSEi advanced by 76.21 points or 1.09 percent to close at 7,057.45 - its highest since ending at 7,082.15 on Feb. 10.
STAR / File

MANILA, Philippines — With a third consecutive day of gains, stocks finally pierced the 7,000 barrier yesterday to hit the highest level in nearly eight months, leading other Asian emerging markets higher as a rebound in global sentiment helped offset broader worries about elevated inflation and the US Federal Reserve’s tapering timeline.

The 30-company benchmark Philippine Stock Exchange index or PSEi advanced by 76.21 points or 1.09 percent to close at 7,057.45 - its highest since ending at 7,082.15 on Feb. 10.

The broader All Shares index, meanwhile, rose by 50.97 points or 1.17 percent to finish at 4,409.14.

The market has been choppy for weeks, with economic and COVID concerns driving up-and-down shifts for blue chip companies and the broader market.

Japhet Tantiangco, analyst at Philstocks Financial, said optimism toward the country’s improving COVID-19 situation sustained the market’s upward movement. For the second straight day, daily new cases fell below the 10,000 mark.

“The positive cues from Wall Street also helped in the rally. Trading was strong with net value turnover posting P9.55 billion, above the year-to-date average of P7.16 billion. Foreigners were net sellers with net outflows amounting to P356.05 million.

Wall Street rallied overnight as Microsoft and Apple spearheaded a strong rebound in growth stocks.

But in major Asian bourses, shares dropped even as investors shrugged off worries about a potential US government debt default, as oil paused near new multi-year highs.

The gains in oil are driven by concerns about energy supply, and come two days after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.

“OPEC’s outlook suggests further reductions in global oil stockpiles. That’s a problem given that oil inventories are already low,” wrote analysts at CBA in a note.

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