The local stock market again overcame early weakness to end higher following gains in US bourses.
The main index rose 46.92 points or 0.73 percent to close at 6,508.34 as the Services sector led the advance although Banks and Miners lagged behind. Volume surged to 993 million shares worth P53.51 due to a large block sale as gainers beat losers 96 to 81 with 43 unchanged.
“Philippine shares were bought once again on bets that rate hikes were coming to an end after the Federal Reserve announced it would not increase rates at its meeting this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Back at home, the local bourse was buoyed by bargain hunting and the latest FSTE rebalancing.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained amid positive spillover from Wall Street overnight and was also got boosted by the 3.7 percent growth of cash remittances sent by OFWs in April.”
“Despite having a huge block sale, the net market value was strong at P8.74 billion, higher than this month’s average so far of P5.21 billion,” she noted.