THE Philippine Stock Exchange Index (PSEi) rallied to its best single-day performance in almost 13 years as investors’ hunt for cheaper stocks fueled buying activities.
The benchmark PSEi gained 373.83 points or 7.44 percent to 5,401.58 at the closing bell. This is the biggest single-day increase for the local stock barometer since Aug. 21, 2007 when it gained 9.82 percent at the market’s closing.
The broader All Shares increased by 185.69 points or 6.06 percent to 3,250.82.
“The PSEi closed at 5,401.58, up by 374 points and 7.4 percent as retail investors and fund managers hunt in preparation for the first quarter window dressing,” Unicapital Securities equity analyst Christopher San Pedro said.
Fund managers improve their portfolios at the end of a period by engaging in window dressing – buying winning positions and selling losing stocks.
“The rally today was still due to bargain hunting backed by the government’s efforts to mitigate the pandemic’s economic impact,” Philstocks Financial equity analyst Japhet Tantiangco said.
More than 590.859 million shares valued at P7.666 billion, changed hands. Advancers led decliners, 151 to 48, and 26 issues were unchanged.(GMA News)
