The local stock market rose on year-end window dressing and some optimism over stronger holiday spending.
The main index gained 31.70 points or 0.44 percent to close at 7,286.50 as the Mining and Oil counter led the advance while the Property sector was the sole decliner Volume improved but was still low at 3.13 billion shares worth P5.09 billion as gainers beat losers 115 to 75 with 52 unchanged.
“Philippine shares continued to climb on window dressing extending the market's rally as foreign investors returned from the Christmas holiday and assessed the spread of the omicron variant,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said gains were made as “Hopes towards a stronger local economy by 2022 continued to pour into the market.”
“The positive spillovers from Wall Street caused by the robust US Holiday Sales data by Mastercard SpendingPulse also helped in the climb,” he added.
He noted though that “Trading remained tepid as many remained outside the market amid the lingering uncertainties caused by the COVID-19 Omicron variant.”