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PH stocks also rally, snubbing chaos at US Capitol

/ 05:16 AM January 08, 2021

The local stock barometer firmed up above the 7,100 mark on Thursday as investors focused more on prospective US fiscal stimulus rather than the political turmoil in Washington D.C.

The main-share Philippine Stock Exchange index (PSEi) racked up 71.76 points or 1.02 percent to close at 7,119.61, tracking mostly upbeat markets in the region.

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“Philippine shares bounced back despite an outbreak of civil discord in the US Capitol by [outgoing US president Donald] Trump supporters,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

With the Democrats gaining control of the US Senate, President-elect Joe Biden now has full support of both chambers of Congress. This would bode well for Biden’s “build back better” economic recovery program.

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At the local market, the financial and mining/oil counters, which rose by 4.28 percent and 3.84 percent, respectively, took the lead. All other subindices gained less than 1 percent.

Value turnover for the day amounted to P8.73 billion. Domestic hands supported the market as there was P680.37 million worth of net foreign selling for the day.

There were 159 advancers that edged out 72 decliners, while 31 stocks remained unchanged.

Local banking giant BDO led the PSEi higher with its 7.11-percent gain, while Metrobank bounced by 6.63 percent.

Ayala Corp. added 4.15 percent, while GT Capital recouped 2.66 percent. BPI advanced by 3.25 percent.

SM Prime and Puregold both rose by less than 1 percent.

Investors turned to companies outside the PSEi for trading opportunities on Thursday. Among the notable gainers was ORE, which surged by 39.76 percent, while Cirtek and Abra Mining racked up 15.6 percent and 12.12 percent, respectively.

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The day’s most actively traded company was Dito CME, which added 3.59 percent.

—DORIS DUMLAO-ABADILLA

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TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
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