Stocks rise on late buying

By James A. Loyola

The local stock market ended higher on Thursday after trading sideways most of the session following the announcement of faster economic growth and a positive development in the US-China trade tiff.

The main index gained 47.93 points or 0.63 percent to close at 8,073.81 with only the Industrial and Mining & Oil counters in the red.

However, volume was weaker at 474.53 million shares worth P5.11 billion as gainers beat losers 93 to 81 with 61 stocks unchanged.

“Investors bought up towards closing after better than expected GDP and after seeing highs in recent days,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

He added that, “Markets parsed a report that an interim China-U.S. trade deal could be delayed until December, while also keeping an eye on corporate quarterly results, and a potential merger of heavyweight technology companies.”