PSEi ends 2020 in the green

Philippine shares closed in the green on Tuesday, the last trading day of 2020, on the back of window dressing and optimism from developments overseas.

The bellwether PSEi gained 17.46 points or 0.25% to 7,139.71. The broader All Shares increased by 18.34 points or 0.43% to 4,272.61.

“Philippine shares ended the year on a positive note with some window dressing along with news that the POTUS (President of the United States) signed a fiscal relief bill over the weekend,” Regina Capital Development head of sales Luis Limlingan said.

Fund managers improve their portfolios at the end of a period by engaging in window dressing—buying winning positions and selling losing stocks.

Meanwhile, US President Donald Trump approved a COVID relief package worth roughly $900 billion or 4% of US’s gross domestic product, according to Limlingan.

More than 95.975 billion shares valued at P11.11 billion, changed hands. Decliners led advancers, 122 to 119, and 36 issues were unchanged.

Year-to-date, the benchmark index lost 602.82 points or 7.78% from the local stock barometer’s finish at 7,742.53 on January 2, 2020, the first trading day of the year. — BM, GMA News