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Manila Bulletin devider Business devider The Stock Market devider Stocks surge ahead of inflation, GDP data

Stocks surge ahead of inflation, GDP data

Published Nov 6, 2023 08:49 am

The local stock market opened the week strong as investors take positive cues from local and global economic data. 

The main index rose by 88.76 points or 1.48 percent closing at 6,078.03 with all sectoral indices except for the Industrial sector seeing gains. 

Volume of shares traded amounted to 323 million worth P4 billion as gainers barely pass over losers 87 to 86, with 51 unchanged. 

Philstocks Financial Assistant Research Manager Claire Alviar said that, “following the holiday break last week, the local bourse surged due to the strong PH manufacturing PMI data and a drop in US long-term treasury yields.”

“Moreover, upcoming economic data releases including but not limited to inflation rate and GDP growth rate, which are both expected to be better than the previous report, helped lift the market,” she added.   

Regina Capital Development Corporation Managing Director Luis Limlingan said that “investors bought into the market ahead a heavy economic data filled week. 

These releases include inflation, balance of trade, and gross international reserves (GIR) level on Nov. 7; unemployment rate on Nov. 8, GDP on Nov. 9, and foreign direct investments (FDI) on Nov. 10.

Limlingan also noted that short selling at the PSE went live locally today. 
 

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