The local stock market ended the week on a positive note on the back of gains in US bourses.
The main index rose 30.35 points or 0.42 percent to close at 7,213.46 as the Mining and Oil counter led the advance while the Holding Firms sector was the only one in the red.
Volume was firm at 1.22 billion shares worth P10.56 billion as gainers outnumbered losers 113 to 84 with 45 unchanged.
“Philippine shares climbed once again, buoyed by upbeat third quarter earnings from major US firms, a retreat from treasury yields, and hints of improvement in the US job market,“ said Regina Capital Development Corp. Managing Director Luis Limlingan.
He added that, “Back home, the local market reacted positively to the announcement that NCR would be placed under Alert Level 3 from Oct. 16 to 31. OCTA Research said the region is now at moderate risk for COVID19.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally as investors continue to price in the improving economic prospects amid the downgrade in the National Capital Region’s alert level, and the improving general COVID-19 situation of the country.”
He noted that, “The positive spillovers from Wall Street also helped in today’s gains.” Tantiangco said “Foreign transactions closed with a net inflow of P274.53 million adding boost in today’s climb.”