The local stock market ended the week on positive footing as share prices jumped due to an improving economic picture.
The main index jumped 86.68 points or 1.29 percent to close at 6,791.69 with Banks leading the rally as Miners lagged behind. Volume rose to 587 million shares worth P6.84 billion as gainers beat losers 96 to 75 with 65 unchanged.
“Philippine shares wrapped up the week just a few points shy of the elusive 6800 marker,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Across the region, investors are eyeing key earnings reports from American Express, Travelers, Comerica, and Fifth Third on Friday.
“Locally, market sentiment was driven by a stronger peso and optimistic economic prospects. The ADB's forecast of strong economic growth for the Philippines and Vietnam in 2024 and 2025 further boosted investor confidence.”
Philstocks Financial Assistant Research Manager Claire Alviar said "The local bourse bucked the trend in the region, gaining due to the strong net foreign buying. Foreign investors registered a net inflow of P1.44 billion."
"Moreover, investors were also anticipating the second quarter corporate earnings results, which started with strong results from the Bank of the Philippine Islands," she added.