The PSE market is looking to be more optimistic for the week as slew of good news and international market sentiment comes one after another. Metro Manila was upgraded to ALERT level 2 condition where businesses can now operate 50% maximum capacity. The US market started to recover as well as it rebounded during its last trading day for the week. Covid cases also started to decline and current data showed more than 7k cases for the day.
The PSEI closed at 7,458 level (+1.32%) with net foreign buying of 980.4 Million indicating a Bullish market sentiment.
For the Blue chip index, the property sector led the market movers where Robinson (RLC, +4.92%), SMPH (3.13%) and Ayala land (ALI, +3.06%) were the top gainers together with some of the Banks Banco de Oro (+3.48%), Bank of Philippine Island (BPI, +2.55%) and Security Bank (SECB, 2.61%). Index losser is AP (-3.12%) gap down due to profit taking.
US equity index showed sign of recoveries after digesting Fed interest rate hike talks. There is also good market sentiment across Asian Markets.