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Stocks inch up on creeping optimism

The local stock market chalked up some gains  Tuesday  as investors picked up laggards on hopes of a vaccine against SARS-COV2 in a few months.

The PSEi added 21.07 points, or 0.35 percent, to close at 6,018.21 with only the Services and Industrial counters in the red.

Volume improved to 829 million shares worth P5.55 billion but losers beat gainers 113 to 78 as 51 were steady.

“Local share we bought up towards close as sentiment was boosted by a series of high-profile M&A deals and Pfizer’s pledge that Vaccine will be ready by year end,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun said “The PSEi inched higher again today as gains in large-cap issues were mostly offset by losses in pandemic high-flyers, the telcos and retail/consumer focused stocks which have been sold off in the last few days as investors reposition themselves.


Source: Manila Bulletin (https://mb.com.ph/2020/09/15/stocks-inch-up-on-creeping-optimism/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-inch-up-on-creeping-optimism)

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