The local stock market resumed its upward trek to end the week higher on the back of good news from China.
The main index rose 86.28 points or 1.30 percent to close at 6,746.33 as the Property counter led the advance across the board. Volume dipped to 2.92 billion shares worth P7.16 billion as gainers swamped losers at 131 to 62 with 43 unchanged.
“Philippine shares ended the week on a positive note, despite concerns that the Fed’s aggressive rate hikes to counter rapid inflation would push the economy to the verge of recession,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Thursday’s move also came after showing that the U.S. weekly jobless claims rose to 218k for the week ending May 14, hinting that economic growth is slowing.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse joined the rise of its regional peers this Friday. The region’s rise is attributed to China’s monetary easing to provide support to its COVID-19 stricken economy.” He explained that, The People’s Bank of China cut its 5-year loan prime rate by 15 basis points to 4.45 percent.