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Stocks bounce before closing for Christmas

Business | The Stock Market

Stocks bounce before closing for Christmas

By James A. Loyola

Santa Claus finally paid the local stock market a visit, sparking off some recovery on the last trading day before Christmas.

The main index surged by 128.53 points or 2.01 percent to close at 6,534.91 with the Industrial sector leading the rally across the board. Volume was thin at 713 million shares worth P4.2 billion as many traders are already on vacation with gainers beating losers 110 to 72 with 53 unchanged.

“Philippine shares finally bounced back as investors prepare for the last trading week of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

For this week, key US economic data releases to watch include the CB Consumer Confidence report on Dec. 23 and the Durable Goods Orders report on Dec. 24.

“On the local front, it will be a relatively quiet and shortened trading week, with the November Budget Balance set for release on December 27. The Philippine equities market will be closed on December 24 and 25 in observance of Christmas Eve and Christmas Day, respectively,” he noted.

Philstocks Financial Research Manager Japhet Tantiangco said "The local market rallied on the back of hints from the BSP of a possible policy rate cut in their first meeting for 2025. The recent rebound of the local currency against the US Dollar also gave the market a boost."

He added that, "The local market benefited from positive spillovers from Wall Street’s rise last Friday driven by the US’ November personal consumption expenditures price index which rose slower than expected. Foreigners were net buyers with net inflows amounting to P255.38 million."

Related Tags

Regina Capital Development Corporation Luis Limlingan Japhet Tantiangco Philippine Stock Exchange index (PSEi) Philstocks Financial

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