PSEi up as investors cling to rosy postpandemic dreams
The stock barometer continued its crusade past the 7,000 barrier on Monday, albeit in thin trading turnout, as investors continued to hope for an economic comeback.
The Philippine Stock Exchange index (PSEi) added 34.12 points, or 0.49 percent, to close at a five-month high of 7,036.38.
“The PSEi inched higher on lower trading volumes, led by gains in property and holding firms. Monday has always been a slow trading day as most markets abroad are still closed for the weekend,” said Christopher Mangun, head of research at local stock brokerage AAA Equities.
“There is a lot of optimism among investors as most are willing to hold and even add to current positions as the economy recovers. However, everyone will be watching the inflation figures that will be out later this week and any unwelcome surprises may cause a sell-off,” he added.
The rollout of the COVID-19 vaccination program by local governments and the private sector is seen as the key to the country’s economic recovery after over a year of quarantine restrictions.
The market was perked up by the industrial, holding firm, services, mining/oil and property counters, all of which firmed up by less than 1 percent.
Article continues after this advertisementThe financial counter, however, shed 0.17 percent.
Article continues after this advertisementValue turnover was thin at P4.31 billion. There was minimal net foreign selling of P82.1 million.
There were 110 advancers that edged out 98 decliners, while 51 stocks were unchanged.
