The local stock market continued to gain as share prices were buoyed by quarter-end window dressing.
The main index rose 36.45 points or 0.51 percent to close at 7,203.47 with Holding Firms leading the advance. Volume improved to 1.49 billion shares worth P7.81 billion as gainers outnumbered losers 110 to 83 with 49 unchanged.
“Investors bought up into the Philippine market to end the first quarter of 2022, while keeping a watchful eye on developments in Ukraine and the waning signs of progress for peace talks with Russia,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Here at home, attention was focused on the release of the latest banking data later.“
AB Capital Securities said “End-of-quarter window-dressing allowed the local market to buck the general downtrend in global markets, with most indices closing in the green except for Property.”
"The local stock market extended its climb on the back of easing inflation concerns amid the decline in global oil prices," said Philstocks Financial Senior Supervisor for Research Japhet Tantiangco.
He noted that, "Appreciation of the country's continuously improving COVID-19 situation and its positive effect on our economic outlook also helped in the rise."