The benchmark Philippine Stock Exchange Index (PSEi) powered past a monthslong trading range on 02 February 2022 to reach a two-year high amid bullish prospects on the economy’s further reopening, said BDO Unibank Inc. chief strategist Jonathan Ravelas.

Returning from the Lunar New Year holiday, the PSEi rallied 1.32 percent, or 97.34 points, to 7,448.99 after briefly touching the 7,517.5 level.

Ravelas said investors were now focused on domestic narratives such as the lower cases of COVID-19 and upcoming fourth quarter earnings season, which likely benefited from lower inflation in the latter part of 2021.

A total of 1.52 billion shares valued at P7.84 billion changed hands. Foreigners helped fuel the rally with net purchases of P980.43 million. There were 123 advancers versus 81 losers, while 47 companies closed unchanged.

Source: Philippine Daily Inquirer, 03 February 2022
https://business.inquirer.net/340043/tiger-is-roaring-ph-recovery-rouses-psei-to-hit-2-year-high