The local stock market rose further as investors digested a slew of corporate earnings reports while waiting for the Monetary Board’s policy meeting on Thursday.
The main index rose by 54.52 percent or 0.82 percent to close at 6,704.96 as the Property sector led the advance across the board. Volume was also higher at 670 million shares worth P6.96 billion, although losers outnumbered gainers 105 to 98 with 54 unchanged.
“Investors continued to bargain hunt ahead of the BSP meeting tomorrow, while more economic data and corporate earnings continue to underscore that the economy continues to perform remarkably well,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “Sentiment got a boost from U.S. equities, which rose after a cooler-than-expected PPI report, with attention now on Wednesday's CPI release.
“Locally, the stronger peso lifted the PSE index closer to 6,700.”
Philstocks Financial Research Manager Japhet Tantiangco said "The local market extended its rise this Wednesday due to the positive spillovers from Wall Street’s overnight rally driven by the US’ below expected producers' price index numbers gave a boost in today’s session."
"The local currency’s recent strengthening against the US Dollar also helped in sustaining the market’s upward movement," he noted.