Connect with us

Hi, what are you looking for?

Economy

Global recovery signs, lower US virus cases lift stocks

PHILIPPINE shares inched up on Tuesday despite cautious market sentiment as investors turned optimistic about global recovery after the United States reported lower cases of coronavirus disease 2019 (COVID-19).

The benchmark Philippine Stock Exchange index (PSEi) climbed 31.82 points or 0.51% to close at 6,196.71 on Tuesday, while the all shares index gained 13.51 points or 0.35% to end at 3,834.78.

“The local bourse ended higher together with most Asian markets, as overnight markets finished on green territory due to investors feeling optimistic over the recovery of the global economy,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

“This comes after reports circulated that the daily new COVID-19 cases in the US started to decline already,” Mr. Pangan said.

However, with the lack of developments at home, investors remained cautious.

“The market managed to end slightly higher, mainly flat despite increased trading and volatility in several blue-chips,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail, referring to some of the companies in the 30-member PSEi.

“The sentiment remains overly cautious as investors have not gained any optimism from the positive vaccine progress on the perception that the uncertainty risks, vastly outweigh the developments,” Mr. Mangun added.

Sectoral indices were split on Tuesday. Holding firms went up by 59.80 points or 0.97% to 6,192.66; financials improved by 7.05 points or 0.51% to 1,376.20; and property climbed 12.26 points or 0.41% to 2,962.65.

Meanwhile, mining and oil declined by 54.94 points or 0.59% to 9,197.88; services lost 3.18 points or 0.21% to finish at 1,447.10; and industrials shed 5.42 points or 0.06% to 8,535.10.

Value turnover went up to P6.02 billion with 1.16 billion shares switching hands on Tuesday, from the P4.48 billion with 1.09 billion issues traded on the previous trading day.

Advancers outnumbered decliners, 98 against 88, while 58 names closed unchanged.

Net foreign selling dropped to P88.89 million on Tuesday from the P667.86 million in net outflows logged on Monday.

Timson Securities’ Mr. Pangan said he expects the index to trade between 6,150 and 6,490.

“The market is expected to continue lower, and we highly encourage medium to long-term investors to start accumulating,” AAA Southeast Equities’ Mr. Mangun said. — Keren Concepcion G. Valmonte

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!

Latest

Economy

Last Tuesday, I moderated the BusinessWorld insights panel entitled, “Saving, Spending, Investing: Achieving Financial Goals even amid a Crisis” with top financial advisors in the country –...

Economy

PearlPay, an all Filipino-led fintech company, took home the third prize during the global finals of the Visa Everywhere Initiative (VEI) last Sept. 15. Started in...

Economy

Follow us on Spotify BusinessWorld B-Side Despite saying that the pandemic response is a top priority, the executive department of the Duterte administration slashed the P50.4...

Economy

Wilcon Depot celebrates the successful opening of its newest retail store in Pila, Laguna, as part of its ongoing #FlyingHighTo100 store expansion campaign. Opened...

Economy

As climate change takes center stage as one of the world’s most pressing challenges, and countries race to transition from fossil fuels to clean energy...

Economy

Willis Towers Watson shares the secret to its successful 40 years of providing world-class advisory, broking services and business solutions The COVID-19 pandemic has...

You May Also Like

Investing

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

Economy

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...

Investing

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

Economy

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: SmartRetirementReport.com, 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!