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Business

PSEi scales fresh nine-month high on easing curbs

Iris Gonzales - The Philippine Star
PSEi scales fresh nine-month high on easing curbs
The 30-company Philippine Stock Exchange index or PSEi leaped by 114.19 points or 1.62 percent to close at 7,183.11 while the broader All Shares index added 40.69 points or 0.92 percent to end at 4,443.95.
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MANILA, Philippines — Share prices yesterday bounced back to a fresh nine-month high as investor sentiment improved following government’s announcement of more relaxed restrictions starting Oct. 16.

The 30-company Philippine Stock Exchange index or PSEi leaped by 114.19 points or 1.62 percent to close at 7,183.11 while the broader All Shares index added 40.69 points or 0.92 percent to end at 4,443.95.

It was the main index’s best finish since hitting 7,198.45 on Jan. 19, 2021.

“The local stock market surged to a fresh high after the IATF lowered quarantine restrictions in NCR to Alert Level 3. This would allow more business establishments to open and lift some mobility restrictions,” AB Capital Securities said in a market commentary.

Philstocks Financial analyst Jahpet Tantiangco said investors cheered the downgrade of the National Capital Region’s quarantine classification, pointing out that “the easing of restrictions and the allowing of more business capacity in the NCR is expected to give a significant boost to the economy.”

A total of P10.28 billion worth of shares changed hands, with gainers edging out losers, 111 to 86, while 45 issues were unchanged.

“Foreign transactions for the day resulted in a net inflow of P191.09 million which helped in the rally,” Tantiangco said.

Around Asia, shares were mostly higher too, tracking an overnight rally on Wall Street as investors sought out bargains, including technology stocks.

“Asian equities rose on Thursday, following a positive handover from Wall Street where tech and growth sectors outperformed,” said Anderson Alves of ActivTrades.

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