PSEi adds 1.22%, breaches 7,000 as selling pressure eases

The local stock barometer returned to the 7,000 mark on Tuesday, riding on upbeat global markets.

The main-share Philippine Stock Exchange index (PSEi) added 84.85 points or 1.22 percent to close at 7,044.06.

“The PSEi bounced back and ended higher on last-minute buying. Selling pressure has diminished as investors gained optimism from the global rally in equities,” said Christopher Mangun, head of research at AAA Equities.

“Stock markets abroad continue to move higher and this is encouraging local investors to hold on to their positions. The general sentiment is still cautious as investors await policy changes on mobility and business restrictions as well as any surprises from fourth quarter earnings.”

Mangun said blue chips might start moving in a tighter range, while second and third-liners would remain volatile.

All counters ended higher, led by the holding firm and property counters, both up by over 1 percent.

Value turnover hit P18.16 billion. There was P68.7 million worth of net foreign selling. INQ