Improved corporate earnings and the continued decline in new coronavirus disease 2019 (Covid-19) cases helped the stock market surpass the 6,400 mark on Friday. As of Friday, the number of confirmed Covid-19 cases increased by 1,923 to 365,799, of which 46,193 are active, according to a Department of Health tally. Tan noted that the net value turnover of P8 billion exceeded the year-to-date average of P6 billion to P7 billion. “It means that both locals and foreign investors are participating [in] the rally of the market. We may see some hiccups…next week, but the support for the market will be at [the] 6,000 level and its resistance is at 6,580,” the analyst said.

Source: Manila Times October 23, 2020 17:06 UTC