PSEi rises for 3rd straight session

The local stock barometer firmed up for the third straight session on Tuesday as investors cheered initiatives to reopen more domestic businesses. The main-share Philippine Stock Exchange index (PSEi) gained 46.57 points or 0.68 percent to close at 6,919.54, tracking upbeat regional markets.

“The local index climbed in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while (US) tech names rebounded from steep losses in the previous month,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

He also noted that the US Congress was moving fast toward passing President Joe Biden’s $1.9-trillion COVID-19 relief proposal.

Domestic hands continued to support the market, making up for P336.95 million in net foreign selling for the day. Meanwhile, the market continued to digest the stream of fourth quarter corporate earnings results.

The PSEi was led higher by fast-food giant Jollibee, which surged by 4.03 percent. Conglomerate JG Summit also rose by nearly 4 percent.

SM Prime added 3.19 percent, while SM Investments and URC both gained over 2 percent.

URC, which have been among the most COVID-resilient companies in the PSEi, reported a 15 percent growth in net profit in 2020.

PLDT, on the other hand, added less than 1 percent. INQ