The local stock market rallied for the third day as investors are becoming more optimistic over the country’s COVID situation.
The main index jumped 118.77 points or 1.81 percent to close at 6,680.18 led by the Holding Firms and Property counters although the Mining and Oil sector continued to retreat.
Volume was relatively steady at 1.14 billion shares worth P6.18 billion as gainers slightly outnumbered losers at 94 to 88 with 55 unchanged.
“Philippine shares continued to be bought up with many fund managers and analysts’ speculating and remaining optimistic that the administrations’ efforts to curb the spread of the virus are working,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “many are anticipating the quarantine restrictions may be loosened soon, hence opening the economy further to more regular operations.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The rally is seen to reflect investors’ hopes towards the easing of restrictions in the National Capital Region after August 20, 2021. Investors are hoping that concessions would be given to the economy, through the allowing of more consumer and business activities in the NCR.”
He noted that, “Foreign investors helped in Wednesday’s rise with net inflows amounting to P90.51 million. Trading was still lethargic however with net value turnover registering below the year-to-date average.”
Source: Manila Bulletin (https://mb.com.ph/2021/08/18/stocks-continue-to-rally-on-hopes-of-quarantine-easing/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-continue-to-rally-on-hopes-of-quarantine-easing)
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