PSEi ends 2020 above 7,100 level

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THE Philippine Stock Exchange index (PSEi) closed at 7,139.71, up by 17.46 points or 0.3 percent on the last trading day of 2020, Tuesday, December 29.

The PSEi climbed 54.4 percent from its lowest closing level in 2020 of 4,623.42 on March 19. However, the main index is still down by 8.6 percent year-on-year.

"This year is truly unprecedented for the stock market with the circuit breaker triggered three times and with the PSEi recording its steepest intraday drop in PSE history. The main index may have failed to return to pre-pandemic levels, but it's good to see that it managed to stay above the 7,100 level," said PSE president and chief executive officer Ramon Monzon.

The All Shares index also finished lower year-on-year, down by 8.1 percent. Among the sector indices, only Mining and Oil closed in the green, up by 17.8 percent. The Financials sector, on the other hand, was down the most as it shed 22.3 percent year-on-year.

Daily average value turnover slightly improved to P7.35 billion from the P7.29 billion average in 2019. Foreign funds were net sellers by P128.65 billion from P14.26 billion last year.

To mark the last trading day of the year, the PSE held a closing bell ringing ceremony.

"It is tempting to write off 2020 but we cannot disregard the achievements accomplished this year. We had the listing of the first Real Estate Investment Trust after more than a decade-long wait. Even with the pandemic, we had a decent capital raising pipeline, including the listing of the biggest initial public offering ever in the history of PSE. Our trading system was up 100 percent during the enhanced community quarantine period when we had to close the trading floor," Monzon said. (PR)