PH shares rally back to 7,000 mark, tracking upbeat Asian markets

The local stock barometer rallied back to the 7,000 mark on Tuesday as investors expected a further relaxation of local quarantine protocols while digesting upbeat factory data in North Asia.

The main-share Philippine Stock Exchange index (PSEi) racked up 218.1 points or 3.21 percent to close at 7,009.56, tracking the upswing across regional markets on reports that industrial activities in China and other key export-oriented economies in the region were picking up.

“Buying pressure picked up at the open and persisted throughout the trading session. We also saw a spike right at the close, which pushed the main index to close at its high for the day, a few points above the key 7,000 psychological resistance level,” said Christoper Mangun, head of research at AAA Equities.

“Investors remain very optimistic, which is evident in the market’s movement as well as trading volumes. The optimism came from the expectations of more mobility in the coming weeks as the government lifted certain restrictions to allow more economic activity,” he added.

The holding firm and property counters led the market higher, both rising by over 4 percent.

The services counter added over 3.2 percent, while the industrial and mining/oil counters both rose by over 1 percent.

Value turnover for the day amounted to P10.9 billion. Domestic investors supported the day’s upswing as foreign investors were net sellers, resulting in a net outflow of P1.33 billion.

There were 119 advancers that edged out 102 decliners, while 35 stocks were unchanged.

The industrial counter bucked the day’s upswing, declining by 0.78 percent.

Global port operator ICTSI and holding firm GT Capital led the PSEi higher, respectively surging by 6.16 percent and 6.9 percent.

Investors also snapped up shares of SM Investments, Robinsons Land and PLDT, which all racked up over 5 percent. INQ