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Manila Bulletin devider Business devider The Stock Market devider Stocks up on US gains, window dressing

Stocks up on US gains, window dressing

Published Dec 28, 2023 08:49 am

The local stock market returned to the 6,500 level as share prices rode on positive sentiment in the US bourses.

The main index rose by 56.31 points or 0.87 percent to close at 6,519.11 as the Industrial sector led all counters in the advance. However, volume dropped to 385 million shares worth P2.8 billion as gainers trounced losers 124 to 61 with 36 unchanged.

“Philippine equities recorded modest gains as investors braced themselves to end the year 2023,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse’s gains are attributed to the positive spillover effect from the US markets overnight. The upward momentum was further fueled by year-end window dressing activities.”

China Bank Capital Corporation Managing Director Juan Paolo Colet said, “the index returned above the 6,500 level in thin trading as investor sentiment remained positive about the local market's prospects for 2024."

"We saw the same optimism across most Asian markets on the back of growing bets on the dovish direction of interest rates next year,” he added. 

Related Tags

Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar China Bank Capital
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