PSEi sustains rally on Wall Street gains

PHILIPPINE shares climbed further on Friday as investors tracked upbeat trading in Wall Street.

The Philippine Stock Exchange index (PSEi) added 22.65 points or 0.32 percent to close at 7,055.19, while the broader all shares index went up by 17.70 points or 0.47 percent to 3,790.20.

This, following the recent four-day decline earlier this week due to worries on the new Covid-19 variant.

“A broad rally on Wall Street pushed stocks sentiment across the region in the green, including the Philippines, as the PSEi market continued to recoup some of its losses after several days of volatile trading. It looks like the heavy selling in recent days may have presented, too, tempting an opportunity for traders as bargain-hunting began after the panic selling,” Regina Capital Development Corp. Managing Director Luis Limlingan said.

Japhet Tantiangco, Philstocks Financial Inc. senior research analyst, likewise attributed the positive gains to investors taking cues from Wall Street’s rebound overnight. “Trading was lethargic, however, with net value turnover posting P6.16 billion, below the year-to-date average of P7.47 billion. This shows that many investors have stayed out of the market due to the lingering Covid-19 uncertainties caused by the Omicron variant,” he added.

Wall Street was in the green over