The local stock barometer surged to the 6,800 level on Wednesday, outperforming markets across the region, as investors cheered prospects for additional fiscal stimulus and the easing of some lockdown restrictions.
The main-share Philippine Stock Exchange index (PSEi) racked up 214.26 points or 3.23 percent to close at 6,841.69, buoyed by about P1.82 billion in net foreign buying.
“We expected more downside as inventors were taking profits from last week’s rally, which was what we have been seeing in the last few trading days. The lack of selling pressure in today’s session was a clear sign that most investors were willing to hold on longer instead of locking in their profits. This…
Keep on reading: PSEi boldly climbs atop 6,800 as buyers party