Shares close higher in the last trade of the year – Manila Bulletin

The local stock market posted a small gain on its last trading day for 2020 on Tuesday due to positive developments here and abroad.

The Philippine Stock Exchange (PSE) index rose 17.46 points, or 0.25 percent, to close at 7,139.71 with only property and services counters in the red.

The volume rose to 95.98 billion shares worth P11.11 billion, although the losers outnumbered the winners 122 to 119 with 36 unchanged.

“Philippine stocks ended the year on a positive note with some embellishments along with the news that the President of the United States signed a tax relief bill over the weekend,” said Luis Limlingan, Managing Director of Regina Capital Development Corporation.

Philstocks financial research analyst Claire Alviar said the PSEi closed higher amid positive economic data at home with a small showcase.

She cited the signing of the national budget for 2021, so “There is no more fear about the re-enactment of the budget next year that could hamper economic recovery.” “Also, the net inflow of the foreign investment portfolio in November added more optimism for the day. These provide hope for a 2021 better than this year’s performance, ”added Alviar.