Connect with us

Hi, what are you looking for?


PSEi up as Democrats gain control of US Senate

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE SHARES closed higher on Thursday as market sentiment was lifted after the Democratic Party gained control of the United States (US) Senate and on the better showing of US markets.

Ending its two-day skid, the 30-member Philippine Stock Exchange index (PSEi) improved by 71.76 points or 1.01% to close at 7,119.61, while the broader all shares index rose 41.35 points or 0.97% to end at 4,271.49.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market ended in positive territory as the Democratic party secured control of the US Senate.

Reuters reported that two US Senate seats in runoff elections in Georgia were swept by Democrats as Jon Ossoff and Raphael Warnock were projected as the winners in their respective Senate races on Wednesday.

The sweep gave the Democratic Party control of both chambers of Congress and the White House for the first time in a decade.

“Moreover, investors may have picked up bargain shares as the index ended just above the 7,000 mark yesterday (Wednesday),” Mr. Pangan said.

For Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco, the market ended in green territory as investors took cues from the performance of the Dow Jones Industrial Average (DJIA).

On Wednesday, the DJIA and S&P 500 indices increased 1.44% and 0.57%, while the Nasdaq Composite index fell by 0.61%.

“The local bourse also climbed as bargain hunters took advantage of the market’s prior two straight days of decline,” Mr. Tantiangco said in a mobile phone message.

All sectoral indices edged up at the close of Thursday’s trading. Financials soared by 59.1 points or 4.28% to 1,439.47; mining and oil went up 372.16 points or 3.84% to 10,052.91; services climbed 13.01 points or 0.86% to 1,516.21; holding firms increased 41.98 points or 0.58% to 7,269.76; property went up 5.87 points or 0.16% to 3,685.05; and industrials gained 7.1 points or 0.07% to 9,462.3.

Advancers bested decliners, 159 against 72, while 31 names ended unchanged.

Value turnover on Thursday reached P8.73 billion with 46.43 billion issues switching hands, lower than the P11.91 billion with 22.68 billion issues seen in the previous trading session.

Net foreign selling declined to P680.38 million yesterday from the net P685.39 million that left the market on Wednesday.

“Before the weekend, we’ll have to see if 7,000 holds. Otherwise, 7,300 may be considered the nearest resistance area,” Timson Securities’ Mr. Pangan said.

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. Remember that you can opt-out any time, we hate spam too!



Biography-writing service StoryTerrace has announced a unique partnership with UKTV in a £1 million ‘airtime-for-equity’ deal. The deal will see StoryTerrace launch its first television...


(Part 3) When the Senators start to deliberate on the Maharlika Investment Fund, they should make it a point to avoid wasting their time...


United States Defense Secretary Lloyd Austin III, during his visit to Manila last week, reaffirmed his country’s commitment to help the Philippines strengthen its...


FOR THOSE BETTING against the world’s ability to kick its carbon addiction, the commodities boom of the past few years has provided fresh ammunition....


New research has revealed the damaging effect that strikes are having on the sector, with 14% of SME owners saying they have negatively impacted...


ANTAKYA, Turkey — Overwhelmed rescuers struggled to save people trapped under the rubble as the death toll from a devastating earthquake in Turkey and...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


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


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

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.