The local stock market is off to a good start as investors begin the 2023 with renewed optimism.
The main index rose 19.62 points or 0.30 percent to close at 6,586.01 as the Mining and Oil sector led the advance while Banks and Property firms lagged behind. Volume remained thin at 2.06 billion shares worth P3.43 billion as gainers edged out losers 94 to 89 with 50 unchanged.
“Philippine shares started the year on a high note, brushing off the spectres of 2022 to make way for the year ahead,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors are getting a slew of economic data in the first trading week of the year,” from overseas and the domestic front.
Philstocks Financial Assistant Research Manager Claire Alviar said “On the first trading day of the year, the local bourse ended in the green as investors assessed economic prospects of our country this year. So far, optimism remains this 2023.“
She noted though that, “lingering concerns, especially the impact of monetary policy in many countries, were weighing on sentiment.”