PSEi closes above 7,000, up 1.01%

The Philippine Stock Exchange Index (PSEi) closed above 7,000 on Wednesday, gaining 1.01% or 71.06 points to end at 7,080.62.

Investors' optimism about economic and earnings prospects in the coming year, along with positive news about coronavirus vaccine developments, fueled the market rally.

Blue-chip property and holding firms led the gains.

AAA Equities head of research Christopher Mangun noted that while buying pressure pushed prices higher initially, the market may move sideways as enthusiasm subsides.