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Manila Bulletin devider Business devider Stocks continue rally on growing optimism

Stocks continue rally on growing optimism

Published Nov 15, 2022 05:11 pm

The local stock market rose despite a pause in the US bourses’ rally as investors hope for slower interest rate hikes.

The PSEi rose 64.18 points or 1.01 percent to close at 6,418.94. Except for the Properties, all sectors were in the green with Conglomerates leading the advance.

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A total of 725 million shares worth P5.13 billion changed hands as gainers outpaced losers 102 to 83 with 49 unchanged.

“Investors continued to buy into the Philippine market, as they remained wary Fed's remarks on rate hikes going forward,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Lael Brainard said the central bank could ease off rate increases; Waller said the market was overly optimistic and should brace for higher rates.”

“Locally, remittances continued to remain strong, as the September data came in at +3.8 percent, slightly higher than the 3.6 percent from the latest survey,” Limlingan added.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped as foreigners remained net buyers, registering an inflow of P522.90 million, amid continued positive sentiment.”

“One of the reasons for this is the strengthening of the peso against the US dollar. Also, foreigners are coming back amid improving sentiment at home,” she explained.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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