The local stock market rose for the third day as corporate earnings continue to buoy investor sentiment.
The PSEi added 53.03 points or 0.82 percent to close at 6,483.11 as the Services sector led the rally across the board. Volume was relatively stable at 591 million shares worth P5.84 billion as gainers beat losers 98 to 78 with 49 unchanged.
“Philippine shares were bought as investors picked up heavily beaten stocks ahead of the latest Ph CPI print tomorrow and, with the rising U.S-China tension at the backseat,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse rallied once again as foreigners continue to bargain hunt, registering a net buying of P315.55 million.”
She added that, “The bounce of the US Markets overnight also helped to lift the sentiment at home. Stocks in the US gained overnight as the view on the US economy improved following the strong ISM non-manufacturing PMI.”
“Back at home, good second-quarter earnings are still boosting the sentiment,” Alviar noted.