The local stock market surged on stronger volume as investors continued to cheer the strong growth of the country’s economy.
The main index jumped 98.53 points or 1.50 percent to close at 6,647.80 as the Mining and Oil sector led the rally across the board. Volume rose to 857 million shares worth P6.13 billion as gainers outpaced losers 104 to 82 with 53 unchanged.
“Philippine shares continued the rally to cross above 6600 after shaky trading the week prior, as more reassuring economic data brought back more confidence in investors,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “U.S. stocks rebounded on Thursday, recovering from earlier losses in the week, as the latest weekly jobless claims data eased investor concerns about the labor market's strength and the broader U.S. economy.”
“Investors were encouraged by the country's second quarter 2024 GDP growth of 6.3 percent, which aligned with market expectations and demonstrated resilience despite ongoing recession fears in the U.S.,” Limlingan noted.
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said "The local market rose as investors took positive cues from Wall Street overnight amid easing recession worries due to the lower-than-expected weekly jobless claims data. The Philippines’ robust second quarter GDP data also continued to give sentiment a boost."