The local stock market continued its third day rally this week as favorable labor and trade data encourages net-buying from investors.  

The main index climbed by 23.71 points or 0.39 percent closing at 6,155, but three sectoral indices namely Holding Firms, Services, and Mining and Oil incurred losses. 

Total volume of shares traded ended at 342 million worth P4 billion as gainers outperform losers 90 to 75 with 51 unchanged. 

While positive cues were gained from the decline in US long-term treasury yields, Philstocks Financial Research Manager Claire Alviar noted that the local bourse was also “boosted by the labor data with the unemployment rate in September remaining strong at 4.5 percent despite a slight dip from the previous month.” 

“The narrower trade deficit also contributed to the positive sentiment, though a 6.3 percent year-on-year contraction in exports tempered some of the optimism,” she said. 

Alviar also observed that the “net buying activity from yesterday, coupled with this session's value of P98.37 million, helped support the market’s rally.” 

Meanwhile, Regina Capital Corp. Managing Director Luis Limlingan attributed the PSEi’s six-day winning streak “on the back of a cooler than expected October Consumer Price Index (CPI) print and anticipation of third quarter GDP tomorrow, fueling optimism that the Bangko Sentral ng Pilipinas (BSP) will keep the benchmark rate unchanged on its Nov. 16 policy-setting meeting.”

In a global perspective, “Philippine equities rose along with US markets, with  the S&P 500 (+0.28 percent) and Nasdaq Composite (+0.90 percent) notched their longest winning streaks in about two years,” he noted. 

Limlingan added that the markets’ regional moves came after “around 80 percent of S&P 500 companies have beaten earnings estimates this season, while slowing demand means that only 59 percent have also topped revenue expectations.” 

However, he also mentioned that oil prices tumbled to their lowest levels since July, “following weak economic data of China.”