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PHL stocks rebound on positive remittances data

By Revin Mikhael D. Ochave, Reporter

LOCAL SHARES bounced back on Wednesday as investor sentiment improved after the release of central bank data showing higher remittances from Filipinos abroad in October.

The bellwether Philippine Stock Exchange index (PSEi) improved 71.97 points or 0.99% to close at 7,229.70, while the broader all shares index rose 29.44 points or 0.68% to end at 4,350.45.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the market improved as sentiment got a boost from latest central bank data on cash remittances.

Data released by the Bangko Sentral ng Pilipinas on Tuesday showed cash remittances coursed through bank channels rose 2.9% to $2.747 billion from $2.671 billion a year ago. This is the second straight month of year-on-year growth of remittances after the 9.3% recorded in September.

Meanwhile, cash remittances for the 10 months to October slipped 0.9% to $24.633 billion from $24.858 billion in the same period of 2019.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun echoed Mr. Tantiangco and said the growth in remittances indicates a return to normalcy after the economic chaos brought about by the pandemic this year.

“The market started the day slightly lower, but then quickly recovered and then moved higher throughout the session. Last-minute buying pushed it to close at its higher level for the day, just a few points shy of its 10-month high, which it hit last Monday,” Mr. Mangun said in an e-mail.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local bourse rose as investors felt hopeful on the positive developments in coronavirus disease 2019 (COVID-19) vaccines.

Reuters reported that the United States is gearing to expand its dissemination of COVID-19 vaccines made by Pfizer, Inc. and BioNTech to more distribution centers on Tuesday, in efforts to curb the spread of the virus.

Most sectoral indices at the PSE closed higher on Wednesday, except for services, which fell 1.44 points or 0.09% to 1,527.12.

Meanwhile, mining and oil jumped 160.34 points or 1.7% to 9,562.43; holding firms climbed 102.42 points or 1.38% to 7,510.94; property increased 50.05 points or 1.36% to 3,728.01; industrials went up 70.59 points or 0.74% to 9,529.73; and financials gained 3.29 points or 0.21% to 1,514.31.

Value turnover on Wednesday reached P9.31 billion with 117.64 billion switching hands, lower than the P10.13 billion with 63.91 billion issues in the previous session.

Advancers outnumbered decliners, 133 against 90, while 47 names ended unchanged.

Net foreign selling amounted to P501.32 million, lower than the P615.94 million on Tuesday.

“Resistance may be drawn at 7,500, with nearest support at 6,700,” Timson Securities’ Mr. Pangan said.

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