Share prices climb for 3rd straight day

MANILA, Philippines — Local stocks remained the steadiest among Asian bourses as the benchmark Philippine Stock Exchange  index (PSEi) yesterday advanced for a third straight session.

Despite the lack of market catalysts and low vlume, the main index finished at a three-week high, closing at 7,334.56, up 48.06 points or 0.66 percent.

Likewise, the wider All Shares index gained 25.47 points or 0.66 percent to close at 3,883.38.

“The local bourse extended its rally to a third straight day, going beyond its 7,300 resistance level, as hopes toward a stronger economy for 2022 continued to lift sentiment, overshadowing the lingering COVID-19 concerns,” said Japhet Tantiangco of Philstocks Financial.

Total value turnover reached P5.228 billion, still below the year-to-date average of P7.39 billion. Market breadth was positive, 114 to 79, while 62 issues were  unchanged.

Adding fuel to the market’s rally, foreign transactions for the day ended in a net inflow of P568.40 million.

Around Asia, most stocks slipped following a mixed Wall Street session as the region’s investors positioned their portfolios for the new year and continued to grapple with increasing global numbers of Omicron coronavirus cases.

Volatile markets are common in late December as fund managers prepare to rule off their books for the year and holidays thin trading volumes in some major markets.

“Typically, at this time of year global investors are starting to rethink their portfolio positions and they are looking at the risks going into 2022,” said Jim McCafferty, Nomura’s joint head of APAC equity research.

The rising Omicron case numbers are not spooking investors as much as first feared given fatality rates have not soared and the prospects of global lockdowns remains slim.