The local stock market held its ground as investors remain optimistic and did not pocket substantial gains made in the past two days.
The main index inched up 9.37 points or 0.14 percent to close at 6.674.51 as the Services and Property counters led gainers while the Holding Firms sector was the only one in the red.
Volume was lower but remained high at 1.67 billion shares worth P12.41 billion as gainers beat losers 119 to 69 with 66 unchanged.
“Philippine shares shares edged higher after investors digested another batch of positive economic data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
The U.S. Labor Department announced that the initial jobless claims continued to fall as the economic recovery encouraged companies to start hiring. The U.S. first-quarter GDP also steadied at 6.4 percent.
Philstocks Financial Research Associate Claire Alviar said the “PSEi closed higher amid anticipation of easing of quarantine measures and bargain hunting of battered stocks in the index including Aboitiz Power Corporation, Puregold Price Club, Inc. and Megaworld Corporation due to the effect of MSCI Rebalancing.”
She noted that, “Investors anticipate that the government will ease the restrictions particularly in Greater Manila given the decline of Covid-19 cases from April’s peak and more vaccines arrival in the Philippines.”
“In addition, S&P Global Ratings keeps the Philippines’ BBB+ credit rating together with stable outlook, boosting sentiment further in the local bourse,” Alviar said.