The local stock market continued to strengthen and rose to the 7,100 level, boosted by the continued optimism about the local economy as well as by the higher US bourses last Friday.
The main index jumped by 81.35 points or 1.16 percent to close at 7,104.20 with Miners and Banks leading the rally across the board. Volume was low though, dropping to 724 million shares worth P3.96 billion as gainers outnumbered losers 115 to 85 with 53 unchanged.
“Philippine shares started the week positively, buoyed by the World Bank's forecast of a 5.8 percent GDP growth for 2024, driven by lower interest rates boosting domestic consumption,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, Attention is also on the September Fedral Open Market Committee meeting, focused on the Fed’s statement and Chair Powell’s press conference after the meeting.
Philstocks Financial Research Manager Japhet Tantiangco said "The local market rose as optimism towards a possible rate cut by the Federal Reserve in their meeting this week drove the local bourse higher."
He noted that, "The local currency which exhibited strength against the US Dollar in today’s trading also contributed to the market’s climb."