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Manila Bulletin devider Business devider PSEi surges on remittance, US bank earnings news

PSEi surges on remittance, US bank earnings news

Published Oct 18, 2022 04:07 pm

The local stock market surged on the back of strong gains in the US bourses.

The main index jumped 158.31 points or 2.65 percent to close at 6,128.64 with the Property sector leading the rally. However, volume declined to 351 million shares worth P4.82 billion as gainers outpaced losers 109 to 73 with 52 unchanged.

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“Philippine shares rebounded above the 6,000 mark as investors turned bargain hunters and picked up badly beaten index names across the board,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “In the US, last night's moves were also grounded on solid earnings reports coming from the likes of Bank of America and Bank of New York Mellon.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped as investors cheered the increase in remittance last August. Also, positive cues from the US market overnight pushed the market upwards.”

“OF cash remittances in August grew by 4.29 percent year-on-year, bringing the year-to-date remittances to $20.99 billion. This boosted sentiment as higher remittance may help the peso from weakening against the US dollar,” she added.

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