Connect with us

Hi, what are you looking for?


PSEi extends rally as investors await BSP review

THE LOCAL MARKET closed higher on Monday, sustaining its rally, as investors await the upcoming policy meeting of the central bank.

The 30-member Philippine Stock Exchange index (PSEi) climbed 35.19 points or 0.48% to close at 7,281.35, while the broader all shares index rose 19.78 points or 0.45% to end at 4,338.51.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the local bourse closed higher as investors await the result of the policy meeting of the Bangko Sentral ng Pilipinas (BSP) on Thursday.

“The PSEi kick started the week as investors made bets ahead of the BSP meeting on Thursday and the continued Christmas rally,” Mr. Limlingan said in a mobile phone message.

The central bank is likely to keep its key policy rates at the record low levels on Thursday, as it considers the recent uptick in the country’s inflation rate, according to analysts.

A BusinessWorld poll last week showed all 15 analysts do not expect the Monetary Board to go for another rate cut at its seventh and final policy meeting for the year on Dec. 17.

The central bank has lowered policy rates by 200 bps this year.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun credited the market’s climb to the lack of selling pressure at the start of trading.

“Trading today is a clear indication that investors remain confident with current conditions and are willing to hold positions for the longer term,” Mr. Mangun said in an e-mail on Monday.

“The US Food and Drug Administration’s approval of Pfizer and BioNTech’s COVID-19 vaccine also helped in extending gains this Monday,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message.

Meanwhile, Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market sustained its rally despite foreigners turning net sellers.

Net foreign outflows reached P816.66 million, a turnaround from the net inflows worth P212.08 million on Friday.

Most of the sectoral indices at the PSE were gainers on Monday, with property being the sole decliner, going down 28.27 points or 0.76% to 3,690.96.

Financials improved 23.7 points or 1.59% to 1,510.30; mining and oil went up 104.96 points or 1.12% to 9,410.93; industrials increased 101.04 points or 1.07% to 9,521.96; services jumped 8.74 points or 0.57% to 1,542.3; and holding firms gained 37.44 points or 0.5% to 7,493.31.

Advancers bested decliners, 134 to 75, while 58 names ended unchanged.

Some 46.02 billion issues valued at P8.93 billion switched hands on Monday, down from the previous session’s 75.92 billion shares worth P9.89 billion.

“Immediate resistance may be placed at 7,500, while nearest support is pegged at 6,700,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!



About 10% of Poundland products are no longer priced at £1, the discount retailer has said. Poundland moved away from pricing everything at £1...


The BT-owned mobile operator EE is to start charging UK customers to use their phones in Europe, having previously said it had no plans...


Government plans to restrict junk food advertising on television and online have been criticised by campaigners who say they contain too many exemptions to...


Deliveroo scored a fresh victory in the legal fight for its riders to be recognised as self-employed yesterday when the Court of Appeal ruled...


Foreign holidays in the Balearic islands, Malta and Madeira were given the go-ahead last night despite threats from the European Union to close the...


StackLeague is the country’s 1st year-round competitive programming league launched last March 16 and now with over 3,000 programmers in the league. This pioneering...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...


US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...


THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!