The Philippine Stock Exchange index gained for the third day on the back of stronger US stocks and the decline in new COVID cases in the country.
The main index advanced 24.55 points or 0.36 percent to close at 6,915.28 on Thursday, Sept. 23, as the Industrial sector led the advance while the Holding Firms counter was the only one in the red.
Volume was relatively stable at 1.59 billion shares worth P6.48 billion as gainers beat losers 105 to 79 with 58 unchanged.
“Philippine stocks climbed after the Federal Reserve decided to leave the policy rates unchanged,” said Regina Capital Development Corp. Managing Director Luis Limlingan.
He noted though that, “there is no indication on how quickly the Fed will taper its asset purchases.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market climbed further as the continuous decline in our daily new COVID-19 cases and the optimistic cues from Wall Street’s overnight performance gave a boost to positive sentiment.“
However, noting the low trading volume, he said “many investors are still staying out of the market due to the lingering uncertainties.”