The local stock market continued to trek higher as investor sentiment is getting a boost from encouraging corporate earnings and US lower treasury yields.
The main index climbed 48.12 points or 0.79 percent to close at 6,121.53 as the Services sector led the advance while Banks and Mining firms declined. Volume dropped to 311 million shares worth P3.72 billion as losers edged out gainers 90 to 85 with 51 unchanged.
“Philippine shares continued their ascent on the back of a drop in bond yields... Locally, third quarter earnings results so far have either met or exceeded the market's expectations,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse managed to stay in the green territory as the US treasury yields slightly dropped while the peso is gradually appreciating as of the moment.”
She added that, “Investors are still anticipating strong third-quarter earnings amid the reopening of the economy despite the increasing inflation rate during the period.”