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Stocks bounce on US gains

Business | The Stock Market

Stocks bounce on US gains

By James A. Loyola

The local stock market rose as sentiment was boosted by gains in US bourses last Friday.

The main index rose 64.09 percent or 0.97 percent to close at 6,682.78 as the Mining counter surged to lead the advance across the board. A total of 513 million shares worth P5.8 billion changed hands as gainers beat losers 122 to 72 with 42 unchanged.

“Philippine shares bounced back from the previous session's weakness as the equities market gears up for another eventful week ahead,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “The key economic data releases this week are the existing home sales report on Wednesday, and the durable goods orders report and the University of Michigan report on Friday. The minutes from the May FOMC meeting will also be released on Wednesday. Here at home, it is a relatively less data heavy with the April Budget Balance, to be released on May 24, as the sole economic data being awaited by investors.”

Philstocks Financial Assistant Research Manager Claire Alviar said “Along with the Asian markets, the local bourse gained this Monday, following the performance of the US markets last Friday.“

“Moreover, optimism that the Bangko Sentral ng Pilipinas (BSP) would cut interest rates by the second half lifted the sentiment. Investors were also digesting the first quarter earnings results,” she noted.

Related Tags

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

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