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Manila Bulletin devider Business devider The Stock Market devider Stocks rise as window-dressing starts

Stocks rise as window-dressing starts

Published Aug 29, 2023 08:38 am

The local stock market rose in late trading as funds start window dressing for the month’s end.

The main index jumped 64.39 points or 1.05 percent to close at 6,225 as the Services sector led all indices in the advance. Volume rose to 395 million shares worth P5.63 billion but losers still beat gainers at 89 to 85 with 53 unchanged. 

“Philippine shares opened the week higher as trading gear up for window dressing,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “on the data front, investors await data on home prices, job openings and consumer confidence will also be due Tuesday morning in the US.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse gained due to last minute bargain hunting. Investors took the opportunity to buy around 6,150 support areas, following the sharp decline last week.”

“Moreover, positive cues from Wall Street overnight helped lift the sentiment in Asia, including in the Philippines,” she added.

 

Related Tags

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