PSEi rises to 7,000 with lower COVID-19 cases

PHILIPPINE stock climbed above 7,000 on Wednesday on the back of the country’s improving 2019 coronavirus disease (COVID-19) situation and slower inflationary pressures seen in September.

The Philippine Stock Exchange Index (PSEi) gained 76.21 points, or 1.09%, to close at 7,057.45 on Wednesday, while the All Shares Index rose 50.97 points, or 1.17%, to finish at 4,409.14.

“The PSEi breakout above 7,000 reflects growing optimism about a stronger economic reopening (potentially shifting to alert level 3 in the coming weeks) as infection cases slow and general risk-taking in offshore stock markets.” First Metro Investment Corp. Head of Research Cristina S. Ulang, director of research at First Metro Investment Corp., said in a Viber message.

“Investors have welcomed the recently released September inflation report and the improving COVID-19 situation in the country,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber message.

Headline inflation slowed from 4.9% in August to 4.8% in September, the Philippine Bureau of Statistics reported on Tuesday.

Meanwhile, the country recorded 9,055 new COVID-19 infections on Tuesday. The number of active cases was 103,077, while the national number rose to over 2.61 million.

The country has received 77.4 million vaccinations to date. As of October 5, the government has given nearly 47.78 million doses of vaccine, of which over 22.4 million are fully vaccinated.

The government hopes to vaccinate 50% of the population by the end of the year.

The finance department said Tuesday it was in talks with the World Bank, the Asian Development Bank and the Asian Infrastructure Investment Bank to secure up to pesos 45.6 billion, or $ 900 million in loans, for vaccine procurement.

All industry indices closed in the green on Wednesday. Real estate rose 70.76 points, or 2.35%, to 3,073.38; Services rose 45.82 points, or 2.32%, to 2,017.13 points; Mining and Oil rose 136.33 points, or 1.41%, to 9,763.74; Financial stocks rose 17.57 points or 1.24% to 1,430.81; Industrials improved 112.09 points, or 1.08%, to 10,441.98; and holding companies rose 10.40 points, or 0.14%, to 7,027.73.

Turnover rose to $ 9.55 billion, with 2.71 billion issues traded on Wednesday, an improvement over the $ 6.57 billion of 1.08 billion shares that changed hands on Tuesday.

Promoted players beat relegated members, 113 versus 92, while 41 names closed unchanged.

Net foreign sales slowed to $ 356.05 million on Wednesday.

“The next immediate resistance is in the 7,320 area, as we’ll see in the coming days when the 7,000 mark holds,” said Timson Securities’ Pangan. – Keren Concepcion G. Valmonte

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