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Bourse breaks into 7,200 on Wall St rally

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Bourse breaks into 7,200 on Wall St rally

The stock market breached the 7,200 territory on Friday on the back of Wall Street gains made overnight.

This photo provided by the New York Stock Exchange shows trading working on the bourse’s trading floor on Jan. 7, 2021 (January 8 in Manila). AP PHOTO

The benchmark Philippine Stock Exchange index (PSEi) jumped by 2.39 percent or 170.27 points to close at its intraday high of 7,289.88 while the wider All shares gained 1.94 percent or 82.78 points to finish at 4,354.27.

AAA Equities Head of Research Christopher Mangun credited improved general sentiment for Friday’s surge as investors took cues from US markets.

The Wall Street improved overnight as Dow Jones, S&P 500 and Nasdaq jumped by 0.69 percent, 1.48 percent and 2.56 percent, respectively.

“US indices continued to hit new all-time highs, showing investor confidence despite the recent political upheaval,” he said.

Thousands of unruly demonstrators supportive of outgoing Republican President Donald Trump on Wednesday (Thursday in Manila) stormed the US Capitol building in Washington as lawmakers inside were counting the Electoral College votes that Democrats Joe Biden and running mate Kamala Harris won in the Nov. 3, 2020 presidential poll.

“Overall, investors remain confident with current conditions and are willing to stay in the market for the longer term,” Mangun said.

Regina Capital Development Corp. Managing Director Luis Limlingan cited the US Congress’ certification of Biden’s election as America’s next president for the advance, as it raises “the prospect of more financial aid for [US] consumers and businesses coping with the coronavirus pandemic.”

Net foreign buying on Friday reached P223.78 million.

The indices of most local sectors closed in the green, with financials rising the most at 3.33. Mining and oil declined to 0.63 percent.

Total volume turnover was at 25.13 billion, shares valued at P11.06 billion.

Gainers outpaced losers, 141 to 74, while 48 securities were unchanged.