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Business

Stocks rally at slower pace

Iris Gonzales - The Philippine Star
Stocks rally at slower pace
The benchmark Philippine Stock Exchange index finished at 7,219.81, up 6.35 points or 0.09 percent, while the broader All Shares index slipped 17.88 points or 0.40 percent to close at 4,430.93.
AFP / File

MANILA, Philippines — Local stocks managed to sustain a rally yesterday, bucking the weakness in most Asian bourses as the gradual reopening of the economy continues to excite investors.

The benchmark Philippine Stock Exchange index (PSEi) finished at 7,219.81, up 6.35 points or 0.09 percent, while the broader All Shares index slipped 17.88 points or 0.40 percent to close at 4,430.93.

“Select index heavyweights like Ayala Land, JG Summit and ICTSI kept the index afloat as most Asian markets closed in the red after disappointing China GDP report,” said AB Capital Securities.

This as market breadth was negative with 131 losers against 67 gainers, and 42 issues were unchanged.

“Foreign transactions which closed in a net inflow of P847.51 million helped in Monday’s gains. The market was down in the earlier part of the day as investors took profits of its preceding two-day rally. Trading remained strong with net value turnover registered at P10.37 billion, above the year-to-date average of P7.30 billion,” Philstocks Financial said.

In a report, COL Financial said as highlighted last week, the 7,000 level is expected to be the new base from here on especially as investors anticipate a broader reopening of the economy to end 2021.

“While risks such as elevated inflation, possible higher interest rates, and weakening peso are on the horizon, the PSEi will likely remain resilient as the recovery narrative becomes louder – this means that a buy on dips strategy could be a prudent approach heading into 2022,” it added.

In Asian trades, shares were mostly lower after China reported its economy grew at a meager 4.9 percent annual pace in the third quarter due to a slowdown in construction.

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