The local stock market recovered some lost ground as investors wait for fresh US and Philippine economic data to be released later this week.
The main index added 69.87 points or 1.03 percent to close at 6,850 as the Services sector led all sub-indices higher. Volume rose to 701 million shares worth P9.98 billion as gainers edged out losers 94 to 91 with 64 unchanged.
“Philippine shares bounced back to start the week higher after previous sessions were in the red as investor followed the latest MSCI rebalancing which came into effect this afternoon,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “key economic data releases in the US this week include the Durable Goods report and Core PCE Inflation, both scheduled for Wednesday. Additionally, the minutes from the November FOMC meeting will be released on Tuesday.”
Meanwhile, on the local front, the latest budget balance figures are set to be released on Nov. 27.