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a close up of a sign: Stock market opens new year on strong note © Philstar.com/File Photo Stock market opens new year on strong note

MANILA, Philippines — The stock market opened the week and the new year on a strong note.

The benchmark Philippine Stock Exchange Composite index (PSEi) gained nearly 58 points to close at 7,197.50, while the broader All Shares index gained 44.55 points or 1.04 percent to close at 4,317.

The sectoral gauges were mostly in positive territory except for the financials index.

Total value turnover reached P10 billion. Market breadth was positive with 124 gainers and 121 losers, while 36 issues were left unchanged.

Chris Mangun of AAA Equities gave this comment: “The PSEi started the year on a positive note, ending the day just a few points away from its 7,200 support level as investors remain cautiously optimistic. Selling pressure subsided compared to what we saw in the previous weeks after current lockdown restrictions were extended instead of tightened which some were expecting.”

For its part, the Philippine Stock Exchange board of directors and Management Committee and heads of PSE subsidiaries welcomed the first trading day of 2021 with a bell ringing ceremony.

In his welcome remarks during the program, PSE president and CEO Ramon Monzon said “it is only day one, but we will hit the ground running to deliver more to our stakeholders – from products to technology-based services, financial inclusion and sustainability programs and regulatory reforms.  We laid the foundation for most of these initiatives the previous years and we hope to see these come to fruition this year.”