The local stock market rose further as more firms report positive performances for the first half of the year.
The main index expanded by 67.78 points or 1.07 percent to close at 6,430.08 although sectoral indices were evenly mixed with Conglomerates leading the advance while Miners lost the most. Volume improved to 502 million shares worth P6.52 billion as losers beat gainers by one at 89 to 88 with 52 unchanged.
“Philippine shares were bought up as investors as turned away from the US as House Speaker Nancy Pelosi’s controversial visit to Taiwan would further strain already tense U.S.-China relations,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “(US) Stocks fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse gained due to good earnings reports so far from the index members. The gains of the heavyweights, particularly the 3.38 percent gain of SM Investments Corp. helped lift the PSEi.”
She noted that, “Since the market has breached its 6,400 resistance level, it will test that level in the coming days. If the market would be able to stay ground above that level then the next resistance is pegged at 6,600 level.”