The local stock market rose on thin volume as it benefited from the hike in US stock prices ahead of the release of the US inflation numbers for November.
The main index added 64.10 points or 1.03 percent to close at 6,292.39 as Banks led all sectors in the advance. Volume declined to 314 million shares worth P3.25 billion as gainers beat losers 97 to 61 with 55 unchanged.
“Philippine shares rebounded along with U.S. equities, which opened the week with modest gains ahead of the release of the CPI report on Tuesday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “the Fed's final meeting for 2023 will kick off as well on Dec. 12.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market rose as investors took positive cues from Wall Street overnight amid expectations that the US’ inflation has further slowed down in November.“
“Additionally, the anticipation that both the Federal Reserve and the Bangko Sentral ng Pilipinas will be holding key policy rates amid cooling inflation in the US and at home contributed to the climb. Both meetings are to be held this week,” he noted.
China Bank Capital Corporation Managing Director Juan Paolo Colet said “The index surged on market-on-close buying as traders continued to position ahead of the release of US November inflation data as well as the much-awaited policy meetings of the Federal Reserve and Bangko Sentral ng Pilipinas.”