PSEi climbs for third day, gains 2.20 percent

The Philippine Stock Exchange index (PSEi) climbed for the third consecutive day, closing Friday at 6,484.06 points, a 2.20 percent or 139.43 point gain, driven by continued market optimism.

All major sectors except Services gained, led by Holding Firms with a 3.25 percent increase, supported by positive domestic and international economic news.

Factors contributing to the positive sentiment include the ongoing economic reopening, potential easing of quarantine restrictions, and the approval of the 2021 national budget.

Overseas, continued strength in US stock markets, the prospect of a US stimulus package approval, and potential election outcomes bolstered investor confidence.

Universal Robina Corporation reported a 12 percent year-on-year jump in net income to PHP8.1 billion as of end-September.

The Philippine peso also gained against the US dollar on Friday.

Analysts predict the PSEi could reach the 6,400 level in the near term, especially if it maintains a sustained breach above 6,150-6,250.