The local stock market ended the week higher on perception that the surge in new COVID cases seems to be easing.

The PSEi added 62.47 points or 0.91 percent to close at 6,897.13 with blue chip Holding Firms leading the charge although thr Services and Mining and Oil counters declined.

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Volume was relatively stable at 1.58 billion shares worth P6.45 billion as gainers barely edged out losers 104 to 102 with 39 unchanged.

“The PSEi inched higher on signs that the surge in covid cases was peaking,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He addex that, “Sentiment also got a boost from US stocks, which finished in the green following the encouraging report that the U.S. weekly jobless claims hit the lowest since the pandemic began.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market climbed further on the back of hopes towards the easing of restrictions in the country. Investors are hoping that the government will shift their strategy from broad-based quarantine restrictions to granular lockdowns to allow more mobility and economic activities.”

He noted that, “Market sentiment was also fueled by hopes on Presidential Adviser for Entrepreneurship Jose Maria Concepcion’s ‘Bakuna Bubble’ amid growing support for the said concept.”


Source: Manila Bulletin (https://mb.com.ph/2021/09/03/stocks-end-week-higher-on-hopes-covid-surge-is-easing/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-end-week-higher-on-hopes-covid-surge-is-easing)