The local stock market managed to end higher after treading in the red most of the day following to release of positive economic data.
The main index added 26.56 points or 0.23 percent to close at 7,147.30 although most sectors were down with banks postings the biggest losses while only the Holding Firms and Property counters advancing.
Volume was higher, with the listing of Medilines’ shares, at 1.98 billion shares worth P7.86 billion as losers beat gainers 137 to 63 with 36 unchanged.
“Philippine shares continued to rebound on reports that the Omicron variant is less severe than expected,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “This afternoon a report from the World Bank painted a rosier picture of Philippine growth, as the they projected growth to reach 5.3 percent this year.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse increased at the last minute, lifted by the heavyweights, Globe Telecom, Inc. and SM Investments Corporation.”
She noted that, “The better economic data, the inflation rate in November at 4.2 percent and an unemployment rate of 7.4 percent in October, also helped to push the market in the green territory.”
However, Alviar said “we also noticed intraday the profit takers ahead of the holiday tomorrow.“