With the Philippine Stock Exchange Index (PSEI) climbing for a fifth straight day on Friday, October 23, it ranked the highest among more than 90 global equity indexes tracked by Bloomberg.
“Pumalo ang ating indexes sa 6,484.06 kaya naman sinasabing kabilang ang Pilipinas sa world’s best performers (Our indexes reached 6,484.06, making the Philippines as one of the world’s best performers),” said Presidential Spokesperson Harry Roque during a recent virtual presser.
Spurred by economic reopening and decreasing coronavirus disease 2019 (Covid-19) cases, foreign investors have returned to buying local stocks.
“Ibig sabihin nito mataas ang kompyansa ng ating foreign investors sa muling pagbangon ng ating ekonomiya mula ng magbukas ito (This translates to the high confidence of foreign investors that the Philippine economy will bounce back after its reopening),” Roque explained.
The Bloomberg predicted “a rebound in Philippine shares” due to potential increase in consumer spending especially as Christmas season draws to a close this quarter.
The PSEi, however, underwent a correction on Tuesday, sheddingby 1.17 percent, or 76.11 points, to 6,415.08 points.
Luis Limlingan, Regina Capital Development Corporation head of sales, said an additional risk-off factor during the day is the diminishing possibility that another stimulus program in the US will not materialize before the Nov. 3 polls.
For the next trading weeks, investors will also be tracking the third-quarter income results of listed companies and easing of restrictions related to the coronavirus disease 2019. SOVEREIGNPH