The local stock market jumped on continued bargain hunting as sentiment was boosted by gains in the US.

The main index rose by 85.92 points or 1.25 percent to close at 6,965.51 as the Property sector led the rally across the board. Volume grew to 700 million shares worth P6.47 billion as gainers trounced losers 119 to 71 with 52 unchanged.

“Philippines shared climbed higher despite the US February CPI being shown to have risen mildly higher than expected, further clouding the outlook for when the Federal Reserve will start to cut interest rates,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Locally investor continued to bargain hunting ahead of the upcoming FTSE rebalancing on Friday.”

Meanwhile, Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped, mirroring the performance of the US markets overnight. Investor sentiment was boosted by the latest US inflation print which came in within expectation, raising hopes that the Federal Reserve would soon decide to ease monetary policy.”

“At home, the anticipation of interest rate cuts by the Federal Reserve this year added to optimism, as the Bangko Sentral ng Pilipinas may likely follow suit. But of course, the inflation rate in the country would have a more significant influence on the BSP’s decision.

“Moreover, the January exports increasing by 9.1 percent year on year, resulting in a narrower deficit in the balance of trade in goods, further lifted sentiment,” she noted.