THE MAIN INDEX wrapped the week to climb for five consecutive days, compelling it on the 6,400 flat on Friday, its very best finish since June.
The PSEi surged at 139.43 points or 2.19 percent to 6,484.06, while the wider all shares index rose 71.20 points or 1.8 percent to end at 3,859.95.
The previous time that the major index reached the 6,400 level was on June 11 when it shut at 6,476.24.
The PSEi opened 6,370.92 and kept an upward trajectory through the day, hitting a top of 6,484.45.
“This market rallies has not been seen as the beginning of the easing of quarantine restrictions in June. I believe that investors are seeking into the decrease of everyday COVID-19 (coronavirus disorder 2019) cases and company earnings,” Philstocks Financial, Inc.
The Department of Health has been reporting much less than 2,000 new COVID-19 instances since Tuesday, boosting investor belief that the country is moving closer to handling the virus outbreak.
Meanwhile, on Friday, Universal Robina Corp. (URC), a blue chip stock, also reported third quarter earnings growth of 6 percent year-on-year. Last Wednesday, Bank of the Philippine Islands (BPI) reported that its third quarter earnings, which dropped 33.7percent from last year. URC and BPI stocks closed Friday’s session up 1.21% and 1.92%, respectively.
“Another valued stock has led the pushed of PSEi into green due to favorable earnings reports and optimism concerning US stimulation (lifted the market),” Luis A. Limlingan, Head of Sales from Regina Capital Development Corp stated in a Cell message.
US House Speaker Nancy Pelosi said on Thursday a stimulation deal is nearing approval in America, which aided US markets to grow overnight.
Back residence, almost all sectoral indices ended Friday’s session in green territory. Holding companies rose 211.59 points or 3.25percent to 6,722.05; property improved 61.06 points or 1.98% to 3,137.75; industrials climbed 150.85 points or 1.77% to 8,628.44; financials additional 17.09 points or 1.35percent to 1,274.74; and mining and petroleum climbed 11.80 points or 0.15percent to 7,705.73.
The sole index in red land was services, which shed 2.55 points or 0.17percent to 1,460.71 in the conclusion of Friday’s session.
A turnover came at P8.49 billion with 1.38 billion problems switching hands, lower compared to the prior day’s P9.81 billion together with 1.28 billion problems. Some 48 names ended unchanged.
Internet foreign buying climbed to P795.65 million on Friday from P214.2 million in the last session to log a third consecutive day that foreign investors have submitted net inflows.