Stocks rise on US gains, GDP expectations

Published August 9, 2021, 4:44 PM

by James A. Loyola

The local stock market opened the week on a high note following gains in the US last Friday and in anticipation of better economic data to be announced on Tuesday.

The main index jumped 92.66 points or 1.42 percent to close at 6,632.57 as the Property sector surged 3.65 percent while the Mining and Oil counter was the only decliner.

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Volume was relatively stable at 1.78 billion shares worth P6.4 billion as gainers beat losers 115 to 91 with 34 unchanged.

“Investors bought up following a Friday US rally bolstered by the stronger than expected jobs report,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, here at home, the second quarter GDP data will be released on Tuesday, “which is seen to influence the Monetary Board meeting that will be held on Aug 12. Investors have been buying ahead of projected bounce in economic growth in the second quarter.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors anticipate a high year-on-year growth figure from our ssecond quarter 2021 economy amid low-base effects.”

He noted that, “Optimism towards our second quarter corporate earnings also gave a boost to the market this Monday.”

 
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