The local stock market bucked the regional trend and managed to move up after the release of better-than-expected economic numbers for the last quarter of 2021.
The main index gained 19.91 points or 0.27 percent to close at 7,273.52 as Banks led the advance although the Holding Firms and Mining and Oil counters declined. Volume dipped slightly to 1.66 billion shares worth P6.25 billion as losers still beat gainers 102 to 74 with 62 unchanged.
“Philippine shares went against the downtrend the rest of the region experience as fourth quarter GDP surprised on the upside,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “This was enough to pull up sentiment, as markets globally have been experiencing a sell-off as Treasury yields spiked after Federal Reserve chair Jerome Powell signaled the central bank will steadily remove support for the economy.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The market’s sideways movement ended in the green territory as positive sentiment stemming from the local economy’s 2021 performance eventually dominated.”