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Manila Bulletin devider Business devider Stocks surge to 6,700 level

Stocks surge to 6,700 level

Published Jan 4, 2023 04:51 pm

Local share prices surged to the 6,700 level on the second day, Jan. 4, of trading in 2023 as more investors returned to the market from the holidays.

The main index jumped 132.49 points or 2.01 percent to close at 6,718.59 as the Mining and Services sectors led the rally across the board. Volume rose to 1.38 billion shares worth P6.7 billion as gainers beat losers 122 to 72 with 47 unchanged.

“Investors continued to flock to Philippines after weighing the rising rate concerns, high inflation and recessionary fears in the other regions,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added though that, “The Fed and its tightening plan hang over markets in the near term, along with fears of a looming recession.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse surged amid anticipation of a strong fourth quarter earnings that investors hope to continue this year.”

She added that, “The economic prospects of our country is still giving a boost to sentiment, however, headwinds remain.”

“Meanwhile, robust S&P Global Philippines Manufacturing PMI in December helped lift the bourse as it indicates a solid improvement in the manufacturing sector,” noted Alviar.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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