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Manila Bulletin devider Business devider The Stock Market devider Stocks rise following positive OFW remittance growth

Stocks rise following positive OFW remittance growth

Published Oct 17, 2023 08:17 am

Stocks shot up after plunging the previous day as investors approve of the sustained growth of Overseas Filipinos' remittances. 
    
The main index rose to 82.07 points or 1.32 percent closing at 6,280.90 as all sectoral indices except for the Mining and Oil sector seeing gains.

Volume of shares traded reached 1.2 billion valued at P5.7 billion as gainers far exceeded losers 110 to 78 with 45 unchanged.

According to China Bank Capital Corporation Managing Director Juan Paolo Colet, “the index rose on the back of bargain hunting and better risk sentiment.”

He noted that “the index tracked most Asian markets higher as the United States (US) earnings season started on a positive note and China injected fresh liquidity into the financial system.”

“Local market participants also welcomed data showing overseas Filipinos’ cash remittances rose 2.7 percent to USD2.8 billion in August, its fastest growth in three months,” he said.

For her part, Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse jumped amid positive spillover from the performance of the US markets overnight."

“Moreover, the growth in overseas Filipinos’ cash remittance in August lifted the sentiment at home,” she added.

Regina Capital Development Corporation Managing Director Luis Limlingan added that “local shares rose on Tuesday as investors turned optimistic about US corporate earnings” from Johnson & Johnson, Bank of America, Goldman Sachs and Lockheed Martin. 
 

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