The local stock market rose on encouraging news on peace talks between Russia and Ukraine which led to a decline in oil prices.
The main index added 51.93 points or 0.73 percent to close at 7,167.02 as the Services sector led the advance of all sub indices. Volume improved but was still low at 719 million shares worth P6.87 billion as gainers beat losers 106 to 81 with 44 unchanged.
“Philippine shares continued latching onto the green region ahead of the quarter end as investors monitored ceasefire negotiations in Europe,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Oil prices fell for two straight days so far this week on progressing Russia-Ukraine peace talks and demand concerns over China's renewed lockdowns.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The market gained as positive cues from the US Markets overnight and the drop in global oil prices lifted investor sentiment.”
She noted that, “Investors digested the developments in the Russia-Ukraine war after their face-to-face talks. In addition, the hopes for a peace talk and the lockdown anew in China pulled the global oil prices down.”