Stocks extend rally on upbeat news

Published November 3, 2021, 4:42 PM

by James A. Loyola

The local stock market followed through on the previous day’s rally as upbeat investors bought up shares.

The main index rose by 78.71 points or 1.11 percent to close at 7,184.72 with the Property sector leading the charge while the Mining and Oil counter was the only one in the red.

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Volume though was little changed at 2.33 billion shares worth P7.52 billion as gainers edged out losers 105 to 99 with 46 unchanged.

“Philippine shares continued their run with support from the newest edition AllDay which made its debut closing at the ceiling,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Sentiment continued to get a lift from more earnings releases, while the market looks ahead to the outcome of a critical Federal Reserve meeting.” “Investors will be focused on commentary about interest rates and how sustained the recent surge in inflation is,” Limlingan said.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally as the sustained expansion in our manufacturing sector last October as shown in the IHS Markit Philippines’ Manufacturing PMI with a reading of 51.0, gave sentiment a boost.”

“The continuous decline in our COVID-19 cases, the lifting of curfew in the National Capital Region, and the growing calls for the downgrade of the said region’s alert level also helped in Wednesday’s rally,” he noted.

 
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