The local stock market rose for the second day as investors continued to pick up bargains amid positive remittance data.
The main index was up 92.54 points or 1.42 percent to close at 6,594.66 as Holding Firms led the advance while the Services counter was the only one that retreated. Volume dipped to 1.17 billion shares worth P7.32 billion as gainers outpaced losers 109 to 88 with 50 steady.
“Investors continued to bargain hunt into the Philippine market despite global inflation concerns with some investors worried the world economy could ultimately tip into a recession,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Back home, money remitted by overseas Filipinos rose by 3.2 percent in March, reflecting improved economic conditions in many host countries as pandemic restrictions eased.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its rally as investors appreciated the Philippines’ March cash remittance which grew faster than the preceding month’s 1.3 percent growth. The continuous growth in cash remittances is seen to help the local economy by giving a boost to demand, primarily household spending.”