Positive sentiment lifts stocks further

MANILA, Philippines — Share prices rallied yesterday with the benchmark Philippine Stock Exchange index surging by 271.84 points, or 4.35 percent, to finish at 6,517.49 as foreign buyers returned to the market.

The broader All Shares index also soared by 126.72 points, or 3.46 percent, to close at 3,785.03.

All indexes also benefitted from the prevailing market optimism, with the holding firms rising by 5.42 percent.

Total value turnover reached P11.5 billion. Market breadth was positive with 132 gainers and 65 losers, while 42 issues were left unchanged.

Volume turnover stood at 2.2 billion shares. Foreign buying was at P5.77 billion,  while foreign selling hit P4.40 billion for a net foreign buying of P1.37 billion.

“The local market extended its rally, supported by optimism about the local and global economy amid the easing of restrictions,” Philstocks Financials said.

Luis Limlingan of Regina Capital said: “Philippine stocks finished higher Thursday, adding to several sessions of gains as economic data pointed to less severe damage from the coronavirus disease 2019 or COVID-19 pandemic than feared, leaving major equity benchmarks at the loftiest levels since early March.”

In all, the PSEi has surged by 700 points since Metro Manila’s transition to general community quarantine was announced.

MyTrade of Abacus Securities said that at current levels, the index is a mere 500 points from its March 6 close. “The date is relevant because that is when the market started tanking after new COVID-19 cases started popping up.”