The local stock market managed to end higher despite weaker US stocks as investors picked up bargains that emerged after Thursday's (Sept. 7) drop in prices. 

The main index rose by 0.64 percent or by 39.87 points to close at 6,222.94 although sectoral indices were evenly split. Volume was stable at 445 million shares worth P3.85 billion aa gainers beat losers 91 to 83 with 46 unchanged. 

“Investors brushed aside concerns regarding the Fed's interest rate policy path, which has pressured markets due to its likelihood and instead bought up towards closing,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “locally, inflation in the Philippines is expected to reach the BSP target range by the first quarter of 2024, according to BSP Governor Eli M. Remolona, Jr. The BSP may revise its full year inflation forecast of 5.6 percent for 2023 at its upcoming policy meeting on September 21.  The BSP is open to further policy tightening if necessary, with room to increase the policy rate from the current 6.25 percent to combat inflation.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse rebounded after its sharp decline yesterday. The Philippine employment rate in July remained strong at 95.2 percent which, somehow, boosted the sentiment. However, this figure was lower than the previous month’s 95.5 percent, showing a downtrend movement.”