Connect with us

Hi, what are you looking for?


Local shares end higher as US Congress confirms Biden’s win

By Angelica Y. Yang

Philippine stocks closed higher on Friday as investor sentiment took cues from markets abroad after the US Congress affirmed the win of President-elect Joseph “Joe” R. Biden, Jr. The bellwether Philippine Stock Exchange index (PSEi) climbed 170.27 points or 2.39% to end at 7,289.88. The broader all-shares index also improved, by 82.78 points or 1.94% to 4,354.27.

“Philippine shares surged after Congress confirmed President-elect Joe Biden’s election win, offering the prospect of more financial aid for consumers and businesses coping with the coronavirus pandemic,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said on Viber.

Philstocks financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message that the local market rallied on Friday as it tracked Wall Street’s “record-high performance over night.”

“This comes as the Democratic party takes control of the US congress while Joseph Biden’s election as President gets confirmed, raising prospects for further US fiscal stimulus,” he said. AAA Securities Research Head Christopher John Mangun said that the benchmark index ended the day with substantial gains led by blue chip banks.

“The general sentiment improved as investors took cues from markets abroad. US indexes continue to hit new all-time highs, showing investor confidence despite the recent political upheaval. Even China’s main index hit its highest level since 2008,” Mr. Mangun told BusinessWorld in an email interview.

He said the market’s performance on Friday allowed the PSEi to end the first week of the year with gains, despite the “heavy selldown” at the start of the week.

“This is the highest level that the main index has ended at since February of last year. Overall, investors remain confident with the current conditions and are willing to stay in the market for the longer term,” Mr. Mangun said.

US stocks in the Dow Jones Industrial Average, S & P 500, Nasdaq composite, New York Stock Exchange composite and S&P/TSX composite all rose on Friday.

Majority of Asian stocks, except for the CSI 300 index, also logged positive gains for the day. Back home, the majority of the sectoral indices ended Friday’s session with gains. Holding firms grew 152.69 points or 2.10% to 7,422.45; industrials edged up 129.85 points or 1.37% to 9,592; property improved 99.97 points or 2.71% to 3,785.02; financials climbed 47.90 points or 3.33% to 1,487.37; and services inched up 24.07 points or 1.59% to 1,540.28.

Mining and oil, however, decreased 63.32 points or 0.63% to close at 9,989.59.

Advancers led decliners, 141 vs. 74, with 48 left unchanged.

Value turnover stood at P11.06 billion with 25.13 billion issues switching hands, lower than the previous session’s P8.73 billion with 46.43 billion issues.

Net foreign buying reached P223.78 million from the net P680.38 million that left the market on Thursday.

For Trading Edge Consultancy’s Chief Investment Strategist Ron Acoba, bargain-hunting activities made stocks rally.

“Bargain hunting activities after the PSEi pulled back from its 10-month high of 7,304 to an interim low of 6,928 has led the index to rally. Regionally, the PSEi has actually just tracked its peers following a new record setting in the US equities markets as investors hope for further fiscal stimulus,” Mr. Acoba told BusinessWorld in an e-mail.

He said that he expects the PSEi index to consolidate below its key resistance at the 7,300- 7500 zone.

“Nonetheless, its earlier swing from a midrun base is ultimately setting it up to revisit its 2019 levels perhaps in the second half of the year,” he 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!



The number of businesses going bust in England and Wales jumped last month to its highest level since the start of the pandemic, as...


Co-engineered with ZEISS, new vivo X70 highlights state-of-the-art mobile photography technology Global brand vivo remains top of mind when one thinks of premium imaging...


Half of the UK’s working mothers do not get the flexibility they ask for, while those that do work flexibly face discrimination, according to...


By Jenina P. Ibañez, Reporter   Money sent home by overseas Filipino workers (OFWs) increased for the seventh straight month as more host economies with...


The Bureau of Internal Revenue (BIR) clarified that only medicines and medical devices for the treatment of coronavirus disease 2019 (COVID-19) included in an updated government list...


Typhoon Kompasu has resulted in the worst container shipping traffic jam in months, one that now stretches throughout Southeast Asia and may take weeks to unravel. ...

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...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


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...

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