The local stock market continues to rise as investors observe an upward momentum in the country's economic growth forecasts.  

The PSEi rose by 44.35 points or 0.71 percent closing at 6,253.18 with all sectoral indices acquiring gains led by the Mining and Oil, and Industrial sectors. 

Volume of shares traded are 296 million valued at P4.01 billion as gainers overtake losers 93 to 77, with 48 unchanged. 

Philstocks Financial Assistant Research Manager Claire Alviar said the uptick in the local bourse can be attributed to "strong foreign buying, recording a net inflow of P1.02 billion." 

"Moreover, Oxford Economics’ upward adjustment of the Philippines’ economic growth forecast from 4.5 percent to 5.00 percent helped lift the market," she added. 

As for the index members, Alviar noted that, "consumer foods’ stocks, Universal Robina Corporation and Monde Nissin Corporation were at the top, gaining by 5.36 percent and 4.73 percent, respectively, while Metropolitan Bank and Trust Company had the biggest loss, dropping by 1.52 percent." 

Meanwhile, Regina Capital Development Corporation Managing Director Luis Limlingan, "Philippine shares continued with the bargain hunting after the Federal Reserve signaled monetary policy will remain restrictive, and gave no indication of cutting interest rates anytime soon." 

Locally, the PSEi rose due to the "rebound influenced by a positive Wall Street trend and the release of October external payments data," he added.