Stocks continue to recover losses

Local share prices rose with improving sentiment across global markets.

The main index jumped 106.59 points or 1.71 percent to close at 6,345.41 as the Services sector led the advance with only Banks lagging behind. Volume improved to 847 million shares worth P7.46 billion as gainers beat losers 121 to 70 with 47 unchanged.


“Investors continued to buy across the board in the Philippine market as stronger-than-expected data on US durable goods was weighed against expectations for a slowing economy that could limit the magnitude of Federal Reserve rate increases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Orders of US durable-goods rose by 0.7 percent in May (consensus 0.2 percent) and pending home sales rebounded last month, reversing a six-month decline.

“Locally, bets are being made ahead of the turnover of the new administration as to which issues and sectors would likely benefit beginning third quarter of 2022,” added Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose further as investors continued to hunt for bargains.”