The local stock market managed to hold its ground despite weaker US bourses as investor sentiment was boosted by the Philippines’ lower budget gap. The main index added 8.64 points or 0.13 percent to close at 6,511.49 as Banks led the advance although the Services and Mining sectors slipped. Volume improved to 1.07 billion shares worth P6.79 billion, mainly because of a P2.3 billion block sale of Holcim shares, as losers beat gainers 94 to 79 with 51 unchanged. “Philippine shares edged higher on Wednesday as investors digested Fed Chair Jerome Powell’s latest comments about the tightening cycle. At the forum, Powell said more restrictive policy is still to come as the Fed continues to fight inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market inched up this Thursday as investors cheered the narrowed budget deficit of the national government.” He noted that, “The local bourse opened strong as it reached its intraday high of 6,550.25 in the first half of the session. However, selling pressures strengthened in the second half which trimmed gains. Still, the market was able to close above the 6,500 level.” China Bank Capital Managing Director Juan Paolo Colet said “The local index notched a slight gain as traders positioned ahead of tomorrow’s anticipated window dressing. The 6,600 area remains a critical resistance for the market, and investors should expect selective volatility driven mainly by portfolio adjustments.”