Despite the decline in US stocks, the local bourse rose further on bargain hunting amid rosy first quarter earnings reports.
The main index added 53.87 points or 0.82 percent to close at 6,628.75 led by the strong jump of the Industrial sector while the Services counter was slightly lower. Volume dipped further to 505 million shares worth P3.31 billion as gainers led decliners 110 to 78 with 49 unchanged.
“Philippine shares continued the bargain hunting while The Wall Street bled during the last trading session as the US GDP figure turned slower-than-anticipated,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “Despite the negative cues from Wall Street overnight, the local bourse gained amid anticipation of first quarter earnings.”
“However, many were seen on the sidelines as the net market value turnover was weaker. Investors took a cautious stance this session as US economic data showed a slowdown in economic growth and pointed to persistent inflation,” she noted.