Economic recovery hopes lift Philippine shares

Philippine share prices continued its rally on Wednesday, with the local stock barometer rising more than 2%, due to optimism on the country’s economic recovery from the fallout brought by the COVID-19 pandemic.

The benchmark PSEi gained 165.88 points or 2.71% to 6,278.59.

“This has been the local bourse’s highest surge since its 271.84 points (4.35%) rally last June 4, 2020,” Philstocks Financial senior equity analyst Japhet Tantiangco said.

The broader All Shares, meanwhile, increased by 79.59 points or 2.16% to 3,760.85.

“The local market extended its rally this Wednesday amid hopes of further reopening in the local economy, and positive cues from Wall Street brought by optimism on the US fiscal stimulus talks,” Tantiangco said.

Foreigners also helped in the market’s rally as they shifted to buying, snapping a 28-day net foreign selling streak.

Foreign funds bought P5.417 billion shares and sold P5.074 billion for a net buying position of P343.24 million.

More than 1.996 billion shares valued at P10.522 billion, changed hands. Advancers led decliners, 163 to 49, and 39 issues were unchanged.

“Wednesday’s rally had conviction with net value turnover registering P9.2 billion, higher than the year-to-date average of P5.9 billion,” Tantiangco said.—AOL, GMA News