The local stock market rose as local investors continue to follow the lead of their US counterparts.
The main index moved up 64.51 points or 0.94 percent to close at 6,950.51 as the Services counter led other sectors in advancing across the board.
However, volume remained below average at 2.54 billion shares worth P6.55 billion with gainers beating losers 118 to 88 while 44 were unchanged.
“Philippine shares made another climb once again towards the 7000 level after the new infrastructure framework drafted by a partisan group of U.S. senators roused the market and after the conclusion of the latest BSP meeting,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Equity markets rose to a new session high after POTUS announced that he reached a deal on an infrastructure plan. The bipartisan infrastructure deal primarily focused on traditional infrastructure.” Meanwhile, in the Philippine central bank meeting, the policymakers left the overnight deposit, lending, and RRP rates unchanged.
BSP Governor Benjamin Diokno shared that economic activity was better and that the current monetary policy is expected to help push the economic recovery’s momentum.
“Moreover, BSP Deputy Governor Francisco G. Dakila, Jr. said that the MB could afford to provide an accommodative policy stance for as long as needed,” said Limlingan.