Stocks rise on thinner volume
The local stock market kicked off the week on a positive note although volume was thinner.
The main index rose 37.29 points or 0.54 percent to close at 6,960.89 with the Mining and Oil counter leading the advance while the Industrial sector was the only one in the red.
Volume dropped to 861.4 million shares worth P5.61 billion as gainers and losers were tied at 93 each with 55 unchanged.
“Philippine shares were traded higher as investors sought refuge from regions being sold down due to the Evergande debacle,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors are also waiting on the release of the trade balance data, PMI, jobless claims, and unemployment rate this week in the US as the last trading quarter of 2021 is underway.”
At the domestic front, the September inflation rate will be released Oct 5 while the August industrial production data will be out on October 7.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse climbed as the continuous improvement in our country’s COVID-19 situation fueled the optimism for the day.”
He noted that, “Sentiment also got a boost from the expansion of our manufacturing sector last September as shown by the IHS Markit Philippines Manufacturing PMI with a reading of 50.9.”