The local stock market rose further but ofc the day’s high as already positive investor sentiment was boosted by gains in US bourses.
The main index added 14.96 points or 0.20 percent to close at 7,432.21 as the Property sector led the advance while Conglomerates and Services lagged behind. Volume continues to be strong at 1.02 billion shares worth P11.79 billion with gainers barely beating losers 102 to 100 with 57 unchanged.
“Local shares rose on Tuesday, supported by the BSP’s reserve requirement cut and China’s new stimulus measures,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors reacted to U.S. manufacturing PMI hitting a 15-month low and awaited jobless claims data.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market stretched its rally further as investors took cues from Wall Street’s record performance overnight driven by optimism towards the Fed’s monetary policy stance.“
“Positive sentiment towards the policy outlook of the BSP also helped in maintaining the upward momentum,” he noted.
Foreigners were net buyers with net inflows amounting to P2.99 billion.