The local stock market started the week on a positive note on bargain hunting spurred by better jobs data.
The main index surged 129.56 points or 1.85 percent to close at 7,140.67 as the Property and Financials sectors led the rally across the board. Volume was still low though at 745 million shares worth P5.25 billion as gainers beat losers 116 to 64 with 53 unchanged.
“Investors turned bargained hunters to start the trading week as many looked into shares that were sold as a result of the negative sentiment brought about by the rising covid cases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The sentiment was much rosier versus abroad where cases were much higher and inflation continues to accelerate.”
“Local economic data was also more encouraging. The country's factory output grew 25.3 percent year-on-year in November while the country's unemployment rate fell to 6.5 percent in November from October’s 7.4 percent as mobility curbs were further relaxed,” said Limlingan.
AB Capital Securities said “The local market shrugged off worries about rising COVID-19 cases and a possible raising of Alert Level 4 over NCR, after the Philippine Statistics Authority released data showing that the unemployment rate dropped to the lowest since the pandemic hit in 2020.”