MGCQ prospect lights up PSEi
Many investors are looking forward to an injection of stimulus spending that would further boost the world’s largest economy from a slump caused by the pandemic
Shares closed stronger as future contracts sustained its strong upward momentum.
The stock index rallied after Socioeconomic Planning Secretary Karl Chua recommended to put the entire Philippines in modified general community quarantine (MGCQ) to revive the economy.
Top gainers are mall operators SM Property Holdings, JG Summit, SM, Aboitiz Equity Ventures and SM unit Banco De Oro, according to AB Capital Securities Inc.
The Dow futures added 180 points. The S&P 500 climbed by 19.25 points, while the Nasdaq 100 futures settled 67.5 points higher.
Many investors are looking forward to an injection of stimulus spending that would further boost the world’s largest economy from a slump caused by the pandemic, Regina Capital Development Corp. managing director Luis Limlingan said.
Philippine Stock Exchange index (PSEi) closed at 7,044.06 up 84.85 points or 1.22 percent. Turnover reached 21.86 billion shares valued at P18.16 billion on foreign buying of P1.46 billion against selling of P1.53 billion.
Fuel trends higher
Oil prices rallied due to cold weather. This pushed the WTI crude futures to $60.14 per barrel or 1.1 percent higher. It is the first time it breached the $60 mark since the early days of the pandemic. Brent crude advanced by 1.3 percent to $63.26 after hitting its 13-month high.
Most equities in the region pushed higher fueled by the overarching theme of vaccine rollouts, slowing infections and the easing of lockdowns, as well as optimism US President Joe Biden will soon sign a vast US stimulus package.
With Britain and the United States leading the way in rolling out vaccines at the same time as they see a sharp slowdown in new cases and deaths, there are
growing calls for governments to lift strict containment measures and get life back to a semblance of normal.
Philippine Stock Exchange index closed at 7,044.06 up 84.85 points or 1.22 percent.
The United States on Sunday reported its lowest daily infection
number since October, while Britain easily hit a key target for immunising highest-risk people, while the European Union — which is struggling with its vaccine program -—has ramped up plans to deliver more jabs.
“Rapid vaccine uptake means consensus is aligned to a surge in economic activity and strong profit recovery,” said Axi strategist Stephen Innes.