The local stock barometer posted gains Thursday as investors continued to monitor developments here and abroad.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.9 percent, or 64.96 points to finish at 7,307.81.
“Philippine shares finished trading session higher as the market watched retreating treasury yields and political turmoil amid the pandemic,” Luis Limlingan of Regina Capital Development Corp. said.
Majority of the sector indices were in the green, except for mining and oil which shed 1.66 percent.
Biggest gainer for the day is the services sector which rose 1.23 percent, while the rest posted increases of less than one percent.
Total value turnover reached P10.956 billion. Decliners however toppled advancers 121 to 107, while 36 stocks were unchanged.
The peso closed slightly weaker at 48.07 from 48.069 on Wednesday. The currency opened at 48.08, its intraday low and hit a high of 48.06. Volume turnover reached $449.05 million.
First Metro Investment Corp. in a briefing yesterday said that with the vaccine roll-out, corporate earnings recovery, market reform initiatives and the foreseen return of foreign funds to emerging markets in Asia, the expectation for the benchmark PSEi is very bullish and constructive.
“The PSEi is anticipated to hit the range of 7,800 to 8,100. Price earnings ratio is projected around 18x-19x this year. Corporate earnings will rise to 24 percent, and can even go as high as 29 percent with the enactment of the Corporate Recovery and Tax Incentives for Enterprises bill,” the investment banking arm of the Metrobank Group said in a statement.
“Stock picking in investment should be very selective with preference for stocks with strong balance sheet, good earnings prospect, below market and below sector average valuation, and good dividend paying capability,” it added.
