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Business

Index tracks Wall St gains, up for fifth straight day

Iris Gonzales - The Philippine Star

MANILA, Philippines — The main stock index finished at a fresh nine-month high yesterday as declining local COVID cases and gains on Wall St pumped up investor sentiment.

The benchmark Philippine Stock Exchange index (PSEi) rose for the fifth straight session, advancing by 30.77 points or 0.42 percent to close at 7,297.08.  Likewise, the broader All Shares index rose 0.33 percent to finish at 4,466.24.

“The index edged closer to the key resistance level at 7,300 as the government transitions the whole country into the five-point alert level system and phases out the community quarantine system,” AB Capital Securities said in a market commentary.

Japhet Tantiangco of Philstocks Financial said the drop in COVID cases and the progressive vaccination campaign in the country sustained the optimism as they strengthen the possibility of the social restrictions being continually eased.

He said the rally in Wall Street also helped perk up sentiment.

“The positive spillovers from Wall Street’s rally overnight also helped in Wednesday’s gains. Trading was still lively with net value turnover registering P8.52 billion, above the year-to-date average of P7.31 billion,” he said.

Most Asian stocks also rose yesterday after Wall Street advanced for a fifth day on strong corporate earnings.

Regional markets took their “cue from extended gains on Wall Street following encouraging earnings results,” said Anderson Alves of ActivTrades in a report.

Investors likewise watched for inflation updates from Britain and some other European governments. Higher inflation may force central banks to act sooner than planned on hiking interest rates and rolling back other economic stimulus.            

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