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Manila Bulletin devider Business devider Stocks rise, index back at 6,700 level

Stocks rise, index back at 6,700 level

Published May 27, 2022 04:27 pm

The local stock market rose for the third day to end the week higher on the back of gains in US bourses and less uncertainty in the local front.

The PSEi hiked 80.62 points or 1.21 percent to close at 6,726.14 as the Property sector led the advance across the board. However, volume dipped to 917 million shares worth P5.96 billion as gainers beat losers 99 to 79 with 46 unchanged.

PSE

“Philippine share climbed along with the rest of the region on a batch of strong earnings from the US retail sector, which boosted market sentiment,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, President-elect Bongbong Marcos announced the line-up of his economic team, which the business community reacted favorably to.“

AB Capital Securities said “The local market continues to inch higher, following the rebound in global markets and as local investors start to digest the economic team of the incoming administration.”

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