The local stock market finished strong after a sluggish start to end the week at the 6,600 level as foreign buying continued.
The main index rose 77.43 points or 1.17 percent to close at 6,606.94 with the Property sector leading the rally although the Industrial counter lagged behind. Volume grew to 489 million shares worth P7.14 billion as gainers topped losers 100 to 69 with 42 unchanged.
“The Philippine market remained upbeat as investors continued to assess the latest meeting minutes and its implications,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The latter signaled that the central bank is seeing progress in its fight against high inflation and is looking to slow the pace of rate hikes, meaning smaller ones through the end of this year and into 2023.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market extended its rally this Friday still due to expectations that the Federal Reserve and the Bangko Sentral ng Pilipinas will take a slower pace in their monetary tightening.”
He added that, “Investors also digested the Philippines’ October foreign portfolio investments which registered a net inflow of $83.44 million.”