PSEi rises 1.81%, all shares up as investors optimistic despite rising cases

The Philippine Stock Exchange index (PSEi) climbed by 1.81 percent on Wednesday, continuing the positive trend from Tuesday as bargain hunting and optimism over government efforts to control the pandemic boosted local stocks despite ongoing concerns over rising coronavirus cases.

All Shares increased by 1.13 percent, with most sectoral indexes seeing gains including Property at 2.64 percent, Holding Firms at 2.69 percent, Financials at 1.04 percent, Services at 0.64 percent, and Industrial at 0.60 percent.

Volume amounted to PHP6.18 billion in shares traded on Wednesday, with advancers outnumbering decliners at 94 to 88, reflecting investor optimism amid economic recovery expectations.

The local currency ended the day little changed against the US dollar at 50.43 from 50.401 a day earlier, indicating stable sentiment towards the peso despite rising Covid-19 cases and potential quarantine extensions until Aug. 20.

Investors are awaiting more earnings reports and economic data for clues on the state of recovery as Metro Manila remains under enhanced community quarantine to curb Delta variant spread.