Stocks end the week higher on US gains

The Philippine Stock Exchange index ended the week on a positive note as share prices continued to be buoyed by gains in the US.


The main index added 36.25 points or 0.52 percent on Friday, Sept. 24, to close at 6,952.53 with the Property sector leading the charge while the Holding Firms counter lagged behind.

Volume rose to 2.11 billion shares worth P8.95 billion as gainers beat losers 103 to 79 with 67 unchanged.

“Philippines shares extended their gains after the Federal Reserve offered no surprises. The officials penciled in at least one interest rate hike next year,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

He added that, “Back home, the results of yesterday's Monetary Board meeting were also in line with the market's expectations.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally, backed by the positive spillovers from Wall Street’s overnight performance.”

He noted that, “Hopes of further easing of social restrictions in the country amid our improving COVID-19 situation also gave a boost to positive sentiment.”