The local stock market rose a day before the government releases the April inflation data as upbeat first quarter corporate results start trickling in.
The main index hiked 36.94 points or 0.56 percent to close at 6,652.49 led by the Industrial sector while the Property counter remained weak. Volume was low at 492 million shares worth P4.13 billion as gainers outnumbered losers 112 to 74 with 50 unchanged.
“Local equities closed Monday on a positive note as market participants await the release of inflation and GDP figures,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Additionally, investors are monitoring the ongoing corporate earnings report releases here at home.”
Philstocks Financial Assistant Research Manager Claire Alviar said that, “Ahead of the release of the April inflation rate, the local bourse rose as investors bought bargain stocks near the support level of 6,600 following three consecutive days of market decline.”
“Moreover, positive cues from the US markets last Friday lifted the sentiment at home amid growing optimism that the Federal Reserve will soon cut rates,” she added.