Market rallies, gains 2.39%

The benchmark Philippine Stock Exchange Index (PSEi) saw a strong rally on Friday to end the first trading week of 2021 with a 2.1 percent gain.

By the closing bell, the PSEi was up 2.39 percent or 170.27 points to 7,289.88 for the session while the broader all-shares index gained 1.94 percent or 82.78 points to 4,354.27.

“The PSEi took off and ended the day with substantial gains led by blue chip banks as optimism returns,” Chris Mangun, research head at stock brokerage firm AAA Equities, said in a note to investors.

“This is the highest level that the main index has ended at since February of last year. Overall, investors remain confident with the current conditions and are willing to stay in the market for the longer term,” he added.

Among sub sectors, only mining and oil ended in negative territory with a 0.63 percent loss. Gainers were led by financials, up 3.33 percent, property, up 2.71 percent, and holding firms, up 2.1 percent.

A total of 25.1 billion shares valued at P11.06 billion changed hands on Friday. There were 141 gainers versus 74 losers while 48 companies closed unchanged.

AC Energy Philippines Inc. was the most actively traded during the session as it dropped 2.37 percent to P7.82 per share.

It was followed up Dito CME Holdings, up 3.31 percent to P13.12, Bank of the Philippine Islands, up 4.95 percent to P87, Apollo Global Capital, up 4.69 percent to P0.201 and Premier Horizon Alliance, up 17.02 percent to P1.65 per share. —Miguel R. Camus