Stocks gains more ground
The local stock market continued to rise on belief that the Omicron variant may not derail economic recovery.
The main index jumped 92.62 points or 1.28 percent to close at 7,307.75 with the Mining and Oil counter leasing the advance. However, volume dropped to 1.2 billion shares worth P4.23 billion as gainers swamped losers 131 to 60 with 50 unchanged.
“Investors continued to bet on the recovery of the Philippines as the high US CPI numbers made them return back to the PSEI,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Gold firmed as data showing US inflation was within expectations dented the dollar and prompted buying from investors who seemed to have priced in the Federal Reserve’s likely interest rate hike trajectory.”
AB Capital Securities said “The local stock market surged after the WHO (World Health Organization) country representative to the Philippines said that there might be no need to tighten restrictions further as hospital utilization remains low.”