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Manila Bulletin devider Business devider The Stock Market devider PH stocks up following US rally

PH stocks up following US rally

Published Nov 21, 2023 09:03 am

The local stock market recovered from a dip in the previous day as investors take cues from positive economic data stateside. 

The main index increased by 25.20 points or 0.41 percent closing at 6,208.83 with the Property, Mining and Oil, and Holding Firms sector indices seeing losses. 

The total volume of shares traded amounted to 422 million valued at P3.91 billion as losers inch ahead of gainers 86 to 80 with 43 unchanged. 

Philstocks Financial Assistant Research Manager Claire Alviar said the local bourse gained "following the US markets overnight amid the signs of a slowdown in the US inflation."

"The positive sentiment was further fueled by the recorded surplus in the PH’s balance of payments in October, indicating potential support for the peso, which has been gaining strength recently against the US dollar," remarked Alviar. 

Meanwhile, China Bank Capital Corp. Managing Director Juan Paolo Colet explained that "the index returned above the 6,200 level as a relatively benign market environment, an overnight rally in US shares, and a favorable auction of 20-year US Treasuries spurred bargain hunting in local equities." 

"The 6,200 to 6,250 area is a strong resistance zone, so we need to see more buying at these levels to build a case for a fresh rally," he said. 

 

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