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Stocks rise on lower COVID-19 cases, positive corporate results

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE shares closed higher on Friday on positive sentiment due to the ongoing economic recovery and strong third quarter corporate earnings.

The bellwether Philippine Stock Exchange index (PSEi) increased 51.19 points or 0.69% to end at 7,382.84, while the broader all shares index rose 11.78 points or 0.29% to close at 3,964.68.

Japhet Louis O. Tantiangco, Philstocks Financial, Inc. senior research and engagement supervisor, said in a mobile phone message that the local bourse ended higher on the back of the ongoing economic recovery and positive third quarter corporate results.

“The local market bounced back this Friday as investors took opportunities out of its preceding two-day decline. Sentiment has been positive due to the robust third quarter corporate earnings, and improving economic prospects amid the easing of restrictions,” Mr. Tantiangco said.

“GT Capital Holdings, Inc. was the top index gainer, climbing 3.39% to P580.00. Bloomberry Resorts Corp. was at the tail end, falling 3.03% to P7.68,” he added.

The government placed the National Capital Region (NCR) under Alert Level 2 from Nov. 5 to Nov. 21, amid declining coronavirus disease 2019 (COVID-19) cases. The said alert level allows more businesses to operate at higher capacity.

Health Secretary Francisco T. Duque III earlier said NCR may be downgraded to Alert Level 1 if COVID-19 cases go below 1,000 or 500 per day.

Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a mobile phone message that the local market increased amid investor optimism.

“The market ended higher amid investors feeling optimistic over the global economic outlook, and also due to the positive corporate earnings results that continue to be released in the country,” Mr. Pangan said.

The market’s sectoral indices were mixed at the end of Friday’s trading. Property improved 64.34 points or 1.94% to 3,377.08; holding firms climbed 52.16 points or 0.73% to 7,106.63; and financials gained 6.03 points or 0.37% to 1,613.72.

Meanwhile, mining and oil declined 164.93 points or 1.67% to 9,683.87; industrials fell 32.79 points or 0.30% to 10,825.88; and services retreated 1.59 points or 0.07% to 2,004.12.

Value turnover on Friday reached P10.42 billion with 1.55 billion shares switching hands, an improvement compared to P7.25 billion with 1.02 billion issues recorded during the prior trading day.

Net foreign selling amounted to P306.23 million, lower than the P755.58 million in outflows reported on Thursday.

Decliners bested advancers, 109 against 81, while 50 names ended unchanged.

“Support seems to be around the 7,060 area, while resistance may be pegged at 7,454.50,” Mr. Pangan said. — Revin Mikhael D. Ochave

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