The local stock market started the short trading week in the green as investors are upbeat about corporate earnings and coming economic data.

The main index rose 52.81 points or 0.86 percent to close at 6,206.24 as sectoral indices were evenly mixed with the Property sector posting a strong gain while Services led decliners. Volume improved to 496 million shares worth P6.29 billion as gainers overcame losers at 105 to 74 with 47 unchanged.

“Investors made bets ahead of the main highlight this week stateside, which is the Fed's latest policy decision at the conclusion of its meeting on Wednesday. Wherein the street expects an upward benchmark rate adjustment of three-quarters a point,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, the key eco data for this shortened week are the S&P Global Mfg PMI which came out with a slight contraction today, as well as the Oct. Inflation rate, Sept PPI, and Balance of Trade on Friday. More local corporate earnings have also come in which were either in-line or above expectations, which further boosted sentiment.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse was up as bank lending in September improved by 13.40 percent despite increasing interest rates during the period. This shows that the demand remains strong amid the reopening of the economy.”

“Net foreign inflows worth P580.99 million also helped lift the main index,” she noted.