The local stock market recovered from early profit taking due to the improvement in COVID-19 numbers as well as prospects of a US stimulus package.

PSE STOCKS - Stocks shrug off profit-taking
Traders work beneath an electronic ticker at the trading floor of the Philippine Stock Exchange in Bonifacio Global City (BGC).(Bloomberg file photo)

The PSEi gained 66.94 points or 1.05 percent to close at 6,344.63 although the Financials and Services counters were lower.

Volume remained strong at 1.28 billion shares worth P9.81 billion but losers edged out gainers 112 to 100 with 43 unchanged.

“The PSEi continued its strong run-up on continued stimulus noise with Pelosi indicating progress on a deal,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun said “The PSEi ended higher despite trading lower at the open. It opened lower as some investors secured profits after a three-day whopping rally.”

He added that, “It moved higher towards the close as selling pressure was lighter than expected. A pick up in the economy’s recovery brought be lighter mobility restrictions as well as the downtrend in new coronavirus cases is the catalysts for the market’s climb.”

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