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Manila Bulletin devider Business devider Stocks up following US gains

Stocks up following US gains

Published Oct 25, 2022 04:13 pm

The local stock market firmed up some more following gains in US bourses overnight.

The main index added 44.62 points or 0.74 percent to close at 6,073.41 with Banks leading the advance although the Services and Mining counters retreated. Volume improved but remained thin at 306 million shares worth P4.37 billion as losers beat gainers 95 to 74 with 48 unchanged.

PSE

“Investors continued to bargain hunt into the Philippine market as the first batch of third quarter earnings indicated the economy has been able to withstand the downturn of the global economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Bets were also being made on the possibility that BSP may raise the benchmark rates by more than 100bps before the year ends to match the step of the Fed rate hike moves.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse extended its gains, amid positive cues from Wall Street overnight as investors anticipate third-quarter earnings.” She noted that, “So far, the main index is still trying to stay above 6,000 levels which we viewed as its immediate support level.”

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