The local stock barometer hit a nine-month high on Monday on sustained optimism on vaccine developments alongside the gradual easing of local lockdown protocols.
The main-share Philippine Stock Exchange index (PSEi) added 8.83 points or 0.12 percent to close at 7,178.62. This marked the PSEi’s best finish since Feb. 24 when it closed at 7,187.44.
AAA Equities head of research Christopher Mangun said:
“Bank stocks continue to lead the market’s rally with the financial index ending with a substantial 3.33-percent gain. Investors remain optimistic that the economy is going to get a massive boost once quarantine restrictions are lifted at the end of November.”
Value turnover for the day amounted to P9.55 billion, almost double the daily average. Domestic hands kept the market steady amid P351.89 million worth of net foreign selling.
Mangun expects the main index to decline in the coming days as investors pocket gains.
There were 147 advancers that edged out 77 decliners, while 45 stocks were unchanged.
The PSEi was led higher by Security Bank, which surged by 7.98 percent, while Metro Pacific rallied by 5.56 percent on news that earlier-approved toll rate hikes at the North Luzon Expressway will finally be implemented.
RLC advanced by 6.57 percent, while Metrobank racked up 4.32 percent.
GT Capital rose by 3.32 percent while BDO and BPI both added over 2 percent, while Megaworld went up by over 1 percent.Outside the PSEi, investors snapped up shares of PH Resorts and AC Energy, which surged by 10.74 percent and 8.97 percent, respectively.
DoubleDragon added 2.63 percent while sister company MerryMart gained 1.28 percent in relatively heavy volume.—Doris Dumlao-Abadilla INQ