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Manila Bulletin devider Business devider The Stock Market devider PSEi buoyed by higher US stocks

PSEi buoyed by higher US stocks

Published Dec 22, 2023 09:03 am

The local stock market rose to rest just above the 6,500 level on the last trading day before Christmas on the back of higher US bourses.

The main index added 31.77 points or 0.49 percent to close at 6,501 as the Industrial sector led the advance while Banks dipped into the red. Volume fell to 536 million shares worth P3.21 billion as gainers outpaced losers 105 to 63 with 58 unchanged.

“Philippines shares rebounded after the previous losing day where investors took profits after recent gains. Sentiment was boosted by US stocks, which continued to crawl up as Wall Street extended the December rally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstock Financial Assistant Research Manager Claire Alviar said “the local bourse gained, influenced by positive spillover from the US markets overnight, as the sentiment was boosted by the anticipated rate cuts by the Federal Reserve next year.“

“However, many investors remained on the sidelines, resulting in a net market value turnover of only P2.65  billion ahead of the long weekend,” she added.

 

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