Local share prices continued to rise as investors digest news of the lower inflation rate amid calls for more fiscal stimulus.
The main index gained 61.69 points or 0.94 percent to close at 6,651.71 with only the Mining and Oil counter retreating.
Volume was just slightly higher at 3.41 billion shares worth P6.05 billion with gainers trouncing losers 147 to 57 with 46 steady.
“The local bourse extended its rally on the back of growing optimism towards more fiscal stimulus measures to support the Philippine economy amid the adverse effects of the COVID-19 pandemic and its consequent restriction measures,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
AAA Equities Head of Research Chris Mangun said “The market continued higher due to light selling pressure as investors chose to be optimistic despite concerns of an extended lockdown due to surging COVID-19 cases.”
He noted that, “Despite the uncertainty, no one wants to see prices go lower as most believe that most issues are fairly priced.“
Mangun added that, “Investors are also looking forward to the recovery after more than a year of suffering under the pandemic.”
“Inflation figures for the month of March which came in lower than the month before has given investors some hope that prices of commodities have started to stabilize, soothing fears of runaway inflation which would hurt the struggling economy further,” he said.