The PSEi broke through the 7,300 level as investors easily pushed up stock prices amid declining volume.
The main index rose 48.06 points or 0.66% to close at 7,334.56 as the mining, oil and real estate sectors led the rally despite the holding company counter rising. slipped into the red.
Volume fell further to 1.75 billion shares worth 5.23 billion pesos as the winners topped the losers 114-79 with 62 unchanged.
âPhilippine stocks again made steady gains under the year-end showcase amid a quiet week and before the holidays,â said Luis Limlingan, managing director of Regina Capital Development Corporation.
He noted that “Investors are betting the spread of the Omicron variant of the coronavirus will not derail U.S. economic growth, even though outsized gains in 2022 appear less likely after this year’s powerful stock surge.” “
Philstocks Financial’s senior research supervisor Japhet Tantiangco said: âThe local stock market extended its rally for a third day in a row, breaking its resistance level of 7,300, as hopes of a stronger economy for 2022 continued to heighten sentiment, eclipsing lingering concerns about COVID-19. “
He added that âthe foreign transactions of the day resulted in a net inflow of 568.40 million pesos, thus strengthening the market recovery. “
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