The benchmark Philippine Stock Exchange Index (PSEi) advanced on Friday, moving closer to challenge the near-term ceiling of 7,000 as COVID-19 infections began to ease. By the end of the session, the PSEi had gained 0.52 percent, or 36.25 points, to 6,951.53—its strongest finish for the week. The broader all-shares index rose 0.49 percent, or 21.14 points, to 4,323.64.
OCTA Research noted on Thursday a slowdown in the transmission of the virus. In the National Capital Region specifically, the reproduction number, or the number of persons an infected person can transfer the virus to, was at 0.99 from 1.03 previously.
While the number of cases was still elevated, experts believe that the downward trajectory of infections nevertheless reignited hopes of an economic recovery.
Positive sentiments carried over into the PSE subsectors, which all ended higher, save for holding firms, which lost 0.2 percent.
Leaders among subindices were property and financials, up respectively by 1.14 percent and 0.98 percent, followed by services, which rose 0.84 percent. Trading volume picked up on Friday, with 2.1 billion shares valued at P8.95 billion changing hands.
Data from the PSE showed 103 gainers versus 79 decliners, while 67 companies closed unchanged.
COL Financial Group Inc. was the most actively traded on Friday as it gained 0.7 percent to P4.33 per share.
It was followed by Monde Nissin Corp., up 1.63 percent to P19.92; Converge ICT Solutions Inc., up 4.29 percent to P36.50; AC Energy Corp., up 4.65 perfect to P11.70; and BDO Unibank Inc., up 2.07 percent to P113.30 per share.
Other actively traded companies were PLDT Inc., unchanged at P1,700; and International Container Terminal Services, up 1.04 percent to P195.