Hopes of economic recovery continue to lift Philippine shares

Philippine shares continued their uptrend, closing in the green on Wednesday as optimism on the recovery of the economy influenced buying behavior in the local market.

The bellwether PSEi gained 220.48 points or 3.66% to 6,245.65 at the closing bell. The broader All Shares increased by 106.59 points or 3.001% to 3,658.31.

“The local market extended its gains, riding on economic recovery hopes amid the easing of restrictions inside and outside of the Philippines,” Philstocks Financial said in a daily market close report.

Likewise, Regina Capital head of sales Luis Limlingan said, “Philippine stocks rose on as traders focused on the reopening of all regional economies from the coronavirus pandemic even amid the civil unrest in the US.”

Foreign funds bought P3.455 billion shares and sold P3.784 billion for a net selling position of P329.346 million.

More than 1.312 billion shares valued at P8.245 billion, changed hands. Advancers led decliners, 143 to 59, and 44 issues were unchanged. — BM, GMA News