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Manila Bulletin devider Business devider Stocks advance on higher remittances

Stocks advance on higher remittances

Published Aug 17, 2021 04:40 pm

The local stock market added more gains following better remittances data and in anticipation of positive earnings reports from overseas.

The main index hiked 47.73 points or 0.73 percent to close at 6,562.41 as the Property sector continued to lead the advance while the Mining and Oil counter was in the red.

Volume was lower at 1.2 billion shares worth P6.76 billion as losers beat gainers by a hair at 98 to 97 with 50 stocks unchanged.

“Philippines shares closed higher ahead of big retail earnings releases slated this week in the region while others are awaiting retail-related and industrial production data will be released later today,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Meanwhile local funds managers are taking positions as to the state of the country next week, and whether ECQ in selected areas will be extended.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally as investors were cheered as our OFW cash remittances continued to grow year-on-year this past June 2021.”

He noted that, “The rise in cash remittances, if sustained, can augment household incomes on a macro scale, which in turn, can boost aggregate spending, primarily consumption.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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