Stocks rally past 6,400 level

Published July 6, 2022, 3:52 PM

by James A. Loyola

The local stock market continued to rally as investors cheered falling oil prices in the world market.

The main index surged 135.02 points or 2.14 percent to close at 6,445.01 as Conglomerates led the advance although the Mining and Oil counter retreated. Volume improved to 915 million shares worth P5.32 billion as gainers beat losers 114 to 71 with 47 unchanged.


“Philippine shares broke past the 6400 mark, with falling (US) bond yields giving a boost to growth stocks, and ahead of a slew of economic reports,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Back home, investors shrugged off a marginally hotter-than-expected June CPI print of +6.1% year on year (consensus +6.0% year on year). Also boosting local sentiment, oil prices fell yesterday as speculations grew of an economic slowdown will cut demand for petroleum products.”

AB Capital Securities said “The PSE index continued its rally for the fourth straight day as the 6.1 percent inflation rate seems to have been priced-in by investors.”