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Manila Bulletin devider Business devider Stocks end week higher on lower oil prices

Stocks end week higher on lower oil prices

Published Jul 8, 2022 04:40 pm

The local stock market ended slightly higher a strong start as investors were quick to pocket gains made on the back of prospects of lower pump prices next week.

The main index inched up 9.50 points or 0.15 percent to close at 6,361.82 as the Industrial sector led the advance while Conglomerates and Property firms retreated. Volume improved to 538 million shares worth P6.6 billion as gainers beat losers 92 to 72 with 62 unchanged.

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“Philippine shares eked out modest gains to sustain its winning streak ahead of the key US jobs report, while investors reacted to a recent drop in commodity prices,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “BSP Governor Felipe Medalla also shifted to a more hawkish tune as the Peso breached the P56 versus the greenback on Thursday.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors picked up shares from yesterday’s drop.”

He explained that, “The projected rollback in fuel prices next week was seen to have boosted positive sentiment since it would help in slowing down our country’s inflation.”

“The positive cues from Wall Street’s overnight performance also helped in the climb,” said Tantiangco.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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