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Manila Bulletin devider Business devider Stocks bounce back on growing optimism

Stocks bounce back on growing optimism

Published Jan 18, 2023 04:08 pm

The local stock market bounced back, gaining more strength in late trades on the back of growing optimism about the Philippine economy.

The main index rose 80.82 points or 1.15 percent to close at 7,094.86 as the Services sector led the advance. Volume was lower though at 991 million shares worth P7.99 billion as gainers outpaced losers 124 to 82 with 47 unchanged.

“Philippine shares continued their ascent closer to the 7,100 level as trader are anticipating a slew of US economic reports Wednesday, including the latest data for the PPI and retail sales,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The bullish sentiment in the market returned, brought about by optimism towards the prospects of our economy this year.”

“According to the Department of Finance Secretary Benjamin Diokno, the Philippines is seen growing by 6.5 percent this year, despite a possible global economic slowdown,” she added.

Alviar noted that, “Chart-wise, the market is still testing the resistance at the 7,000-7,100 range while support remains at 6,800.”

Related Tags

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