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Business

Index zooms past 7,200 as virus cases drop

Richmond Mercurio - The Philippine Star
Index zooms past 7,200 as virus cases drop
The benchmark Philippine Stock Exchange index (PSEi) gained 30.35 points or 0.42 percent to close the week at 7,213.46, while the broader All Shares index rose 4.86 points or 0.11 percent to end at 4,448.81.
STAR / File

MANILA, Philippines — The stock barometer yesterday zoomed past the 7,200 level, posting a fresh nine-month high, on the back of improving COVID-19 situation in the country and positive developments in Wall Street.

The benchmark Philippine Stock Exchange index (PSEi) gained 30.35 points or 0.42 percent to close the week at 7,213.46, while the broader All Shares index rose 4.86 points or 0.11 percent to end at 4,448.81.

It was the PSEi’s highest finish since closing at 7,238.46 on Jan. 15, 2021.

“The index continued to climb on sustained optimism that lower COVID-19 case counts will allow the government to gradually reopen the economy,” AB Capital Securities said in a commentary.

“The local bourse extended its rally as investors continue to price in the improving economic prospects amid the downgrade in the National Capital Region’s alert level, and the improving general COVID-19 situation of the country,” Philstocks Financial analyst Jahpet Tantiangco said.

He said the positive spillovers from Wall Street also helped in Friday’s gains.

All counters finished the week higher, except for holding firms which declined by 2.19 points.

Leading the charge, meanwhile, was mining and oil which soared 2.08 percent, followed by services which posted a 1.07 percent jump.

Market breadth was positive as advancers pummeled decliners, 113 to 84, while 45 stocks where unchanged.

Value turnover expanded to P10.55 billion from Thursday’s P10.28 billion.

“Foreign transactions closed with a net inflow of P274.53 million adding boost in Friday’s climb,” Tantiangco said.

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