The local stock market bounced from last Wednesday’s drop on more optimism over the US and Chinese economies.
The main index rose 54.96 points or 0.84 percent to close at 6,580.12 as the Services sector led at advance while Banks and Industrials retreated. Volume remained steady at 516 million shares worth P6.1 billion as gainers edged out losers 92 to 84 with 47 unchanged.
“Philippine shares closed higher as investors shifted their attention to new inflation data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse went up as investors continue to cheer China’s reopening while its inflation data came in roughly in line with expectations.”
“Moreover, the declining oil prices in the world market as well as the strengthening of the peso, boosted the sentiment,” she added.