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Stocks up on window-dressing, lower oil prices

Business | The Stock Market

Stocks up on window-dressing, lower oil prices

By James A. Loyola

The local stock market opened the shorter trading week on a positive note as month’s end window dressing started while oil prices weakened.

The main index rose by 40.07 points or 0.64 percent to close at 6,309.57 as the Property sector surged to lead the advance while the Industrial and Services sectors trailed behind.

A total of 382 million shares worth P5.34 billion changed hands as losers beat gainers 104 to 79 with 39 unchanged.

“Philippine shares continued their upward momentum, making a challenge towards the 6400 level as investors gear up for the last month and prepare for some window dressing before November closes,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “US investors returned after the Thanksgiving weekend to resume from where they left off.”

Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse gained, thanks to the easing of oil prices amid the temporary truce between Israel and Hamas, coupled with the potential cut in oil supply by OPEC+.”

“The easing oil prices could support the growth of the Philippines especially in the last quarter of the year,” she explained.

Net foreign buying worth P657.70 million also helped lift the bourse this session.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar

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