The local stock market started the week on a positive note and followed up on last Friday’s gains as investor sentiment continued to recover from the knee-jerk reaction to the Omicron variant.
The main index rose 75.55 points or 1.07 percent to close at 7,130.74 as the Services sector led the advance while the Mining and Oil counter was the only one in the red.
Volume was weaker though at 1.32 billion shares worth P6.55 billion as gainers barely edged out losers at 94 to 93 while 52 were unchanged.
“Philippine shares were bought ahead of the inflation release, and as the country remained free of any Omicron cases for now,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Tomorrow the November CPI will be released, and many are expecting this to fall below 4.0 percent which is within the acceptable range of the BSP as well.“
AB Capital Securities said “The local market bucked the global downtrend as investors remain optimistic that the Philippine economy is on the road to recovery.”
It added that only six stocks in the PSEi basket retreated although all stocks were generally mixed.