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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on foreign buying

Stocks rise on foreign buying

Published Jan 24, 2024 09:35 am

The local stock market continued to regain lost ground, rising for the third day on the optimistic outlook for remittances.

The main index rose 58.08 points or 0.88 percent to close at 6,679.96 as Banks led the rally although Miners lagged behind. Volume also improved to 343 million shares worth P5.64 billion as gainers edged out losers 90 to 86 with 65 unchanged.

“Philippine shares closed stronger once again despite lackluster US earnings reports and guidance from several blue-chip companies,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse extended its gains, lifted by foreign investors registering a net inflow of P341.09 million.”

“Moreover, the positive outlook for Philippine remittances, expected to grow by 3 percent this year despite overseas concerns, contributed to boosting market sentiment,” she added.

 

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