The local stock market moved up further on the back of gains in US markets.

The PSEi surged 143.33 points or 2.15 percent to close at 6,822.15 due to the strong performance of the Services sector with only the Mining and Oil counter retreating.

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Volume improved to 1.8 billion shares worth P6.48 billion as there were marginally more gainers at 95 versus 93 losers while 51 were unchanged.

“Investors continued to buy Philippine shares, feeding off news that Pfizer and BioNTech secured a full US regulatory approval for a COVID-19 vaccine,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “The development is still fueling the U.S. benchmarks, lifting the Dow by 0.09 percent and the S&P 500 by 0.15 percent last night.“

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rallied as investors took cues from Wall Street’s rally overnight wherein the S&P 500 and the NASDAQ closed at record highs.”

He noted that, “Foreign investors supported the local rally with net inflows amounting to P814.59 million.”

Tantiangco said the Services counter jumped “on the back of growing calls from the private sector to proceed with the further opening of the telecommunications sector to foreign investors through the amendments in the Public Service Act.”


Source: Manila Bulletin (https://mb.com.ph/2021/08/25/local-stocks-surge-on-wall-street-rally/?utm_source=rss&utm_medium=rss&utm_campaign=local-stocks-surge-on-wall-street-rally)