PSEi breaches 7,000 territory

Share prices on the Philippine Stock Exchange closed on a strong note Wednesday, breaching the 7,000-level, amid investor optimism that the COVID-19 situation in the country is improving.

The bellwether PSEi gained 78.27 points or 1.12% to 7,059.51 at the closing bell. The broader All Shares increased by 43.68 points or 1% to close at 4,401.85.

“Optimism towards the country’s improving COVID-19 situation sustained the market’s upward movement,” Philstocks senior equity analyst Japhet Tantiangco said.

“Last October 5, 2021, daily new cases stood at 9,055, falling below the 10,000 mark,” he said.

On Wednesday, the Department of Health (DOH) reported 9,868 new COVID-19 cases, marking the second straight day where fewer than 10,000 cases were recorded as the DOH cites technical issues with COVIDKaya.

Regina Capital head of sales Luis Limlingan, meanwhile, said Philippine shares rode on the positive momentum on Wall Street last night.

More than 2.71 billion shares valued at P9.5 billion, changed hands. Advancers led decliners, 113 to 92, and 41 issues were unchanged. — BM, GMA News