The local stock market was up on the back of stronger US corporate earnings which translated gains in US equities.
The main index rose 39.86 points or 0.57 percent to close at 7,081.36 as the Services sector led the advance with only the Mining and Oil counter retreating. Volume eased further to 1.86 billion shares worth P5.75 billion as gainers outnumbered losers 100 to 89 with 48 unchanged.
“Philippine shares closed higher on the back of strong Microsoft earnings which boosted sentiment in the technology sector amid fears of a recession,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “So far, more than 70 S&P 500 companies have reported fourth quarter earnings, and 65 percent of them posted stronger-than-expected results.”
Philstocks Financial Assistant Research Manager Claire Alviar said “This Wednesday, the local bourse closed up on hopes that the inflation rate in our country will ease in the coming quarters while waiting for the Philippines’ fourth quarter 2022 GDP growth.”
“Many investors also await the upcoming PSEi rebalancing,” she added.