Tuesday, March 2, 2021

Positive developments needed to extend market’s gains – report


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Positive developments in the economy and in listed companies are needed to sustain the rebound the local market saw in October, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said on Wednesday. In their latest Market Call report, FMIC and UA&P said the Philippine Stock Exchange index (PSEi) rallied in October as it climbed 7.8-percent month-on-month, buoyed by improved sentiment amid eased quarantine restrictions, government financial assistances to firms and listed corporations tapping offshore equity and debt markets for funding. The bourse’s recovery in the 10th month is the highest among global equities markets, they added. However, the report said, “favorable news” like accelerating growth, job creation and better earnings for corporations are needed for the main index to keep posting gains. “This would entail a clear break from the constraints imposed by Covid-19 (coronavirus disease 2019) on workers getting to their workplaces and firms getting sufficient liquidity to normalize operations,” it added.



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