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Manila Bulletin devider Business devider The Stock Market devider Stocks see slight gains as PH exports improve

Stocks see slight gains as PH exports improve

Published Oct 10, 2023 09:36 am

The local stock market saw slight gains as Philippine exports improved  in August.

The main index increased by 11.91 points or 0.19 percent closing at 6,264.07 with most sectoral indices in the green, led by the Mining and Oil sector with 133.42 points or 1.22 percent.

The volume reached 688 million shares traded valued at P4.5 billion, lower compared to the previous day, as gainers outpaced losers 96 to 77 with 50 unchanged.

“The local bourse gained as the sentiment got boosted by the narrower trade deficit recorded in August. According to the Philippine Statistics Authority, exports grew by 4.2 percent year-over-year (y/y) while imports dropped by 13.1 percent y/y, causing the trade deficit to narrow. This data alone is expected to have a positive impact on the economy,” said Philstocks Financial Assistant Research Manager Claire Alviar.

China Bank Capital Corporation Managing Director Juan Paolo Colet said that "the local stock index notched a gain on the back of remarks by top Federal Reserve officials that indicate a potential pause in rate hikes if US bond yields remain elevated. "

"The recovery in investor sentiment was also helped by the strong Philippine export print in August,” he shared. 

Meanwhile, Regina Capital Development Corporation Managing Director Luis Limlingan noted that the “Philippine shares edged slightly higher as investors brushed off concerns related to the Israel-Hamas conflict." 

"Investors will be keeping an eye on upcoming economic data,” he added. 

 

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