The local stock market moved up slightly after the the incoming administration finally named its finance secretary.
The main index rose 47.76 points or 0.72 percent to close at 6,645.52 as the Services sector led the advance although the Property and Mining and Oil counters retreated. Volume improved to 839 million shares worth P6.06 billion as gainers edged out losers 96 to 90 with 44 unchanged.
“Philippine shares edged higher as the FOMC's meeting minutes hinted that the Fed could turn more hawkish to counter the recent inflationary pressures,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its climb as the progress in the formation of the incoming administration’s economic team gave sentiment a boost.”
He noted that, “Investors were cheered as individuals with strong economic and finance background, the likes of BSP Governor Benjamin Diokno, Dr. Felipe Medalla, and Mr. Alfredo Pascual, were placed in key positions in the economic team.”