PH SHARES REMAIN IN THE GREEN

THE local market stayed in the positive territory on Thursday amid hopes for the country’s economic recovery, supported by the approved Executive Order (EO) 166.

The 30-member Philippine Stock Exchange index rose 1.04 percent, or 73.18 points, to its intraday high of 7,082.61 while the broader All Shares gained 0.93 percent, or 34.6 points, to finish at 3,759.35.

Japhet Tantiangco, Philstocks Financial Inc. senior research analyst, said hopes on the economy’s recovery despite the lingering worries abroad provided a boost for the local bourse.

He noted that the optimism was backed by EO 166, which adopts a 10-point policy agenda aimed at hastening the recovery of the economy from the Covid-19 pandemic.

Tantiangco said the order is “seen to give emphasis on stronger pandemic countermeasures and further reopening of the economy.”

Luis Limlingan, Regina Capital Development Corp. managing director, likewise said that investors welcomed the newly signed EO 166.

He added that investors also took bets ahead of the policy meeting of the Bangko Sentral ng Pilipinas in the afternoon.

Trading was better on Thursday as net value turnover stood at P6.51 billion, higher than Wednesday’s P5.12 billion but still lower than the P7.57 billion year-to-date average.

Foreign funds continued their exodus as net outflows amounted to P797.92 million.

The miners led the rally of most local sectors at 4.92 percent while the properties were the sole losers after declining 0.53 percent.

Total volume turnover was at 15.09 billion shares valued at P7.83 billion.

Gainers edged decliners at 108 to 64 while 58 securities were unchanged.