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Manila Bulletin devider Business devider The Stock Market devider Local stock investors fuel 5-day rally

Local stock investors fuel 5-day rally

Published Sep 27, 2023 08:39 am

The Philippine stock market surged for the fifth day in a row as investors continue to find share prices low. 

The main index jumped 110.74 points or 1.77 percent as Banks led the charge across the board. Volume was lower but still higher than average at 764 million shares worth P6.73 billion as gainers beat losers 118 to 74 with 42 unchanged. 

“Investors sought refuge in the Philippine market as the latest home sales and consumer confidence reports brought back economic worries in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse surged, thanks to continued buying of local investors amid optimism towards the fourth quarter. Investors are also taking the opportunity to buy shares at bargain levels.”

“The market increased despite the possibility of an off-cycle interest rate increase and the likelihood of a prolonged high-interest rate environment. Also, foreign investors continued to dump shares, registering a net outflow of P301.32 million,” she noted.
 

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