PSEi climbs closer to 7,000

The local stock barometer climbed closer to the 7,000 mark on Tuesday as investors welcomed the government’s decision to ease quarantine restrictions in Greater Metro Manila.

The Philippine Stock Exchange index (PSEi) added 59.24 points, or 0.86 percent, to close at 6,976.73.

“The narrative remains the same with the major 7,000 resistance eyed for the index as the level to beat in the near-term—more so with looser quarantine restrictions announced for NCR (National Capital Region) Plus last night to last until the end of the month,” local stock brokerage Papa Securities said.

While looser protocols were positive as a whole, Papa Securities said it remained wary of chasing the index at this level amid “overheating” signs for the PSEi.

The market was led higher on Tuesday by the industrial and mining/oil counters, which both added over 2 percent.

The holding firm counter rose by 1.33 percent, while the services and property counters added less than 1 percent.

Only the financial counter slipped, albeit by a modest 0.35 percent.

Value turnover for the day amounted to P8.03 billion. Net foreign selling was marginal at P58.8 million.

There were 106 advancers that slightly beat 101 decliners, while 59 stocks were unchanged.

Investors picked up shares of Jollibee, which climbed by 3.76 percent.

Aboitiz Power rose by 2.5 percent while SM Prime and SM Investments added over 1 percent.

Ayala Land, Metrobank gained less than 1 percent.

—Doris Dumlao-Abadilla INQ