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Manila Bulletin devider Business devider The Stock Market devider Stocks rise with US equities

Stocks rise with US equities

Published Jan 23, 2025 08:29 am

The local stock market was pulled up by bargain hunters as rising US equities boosted investor sentiment.

The main index added 30.52 points or 0.48 percent to close at 6,378.86 as Banks led the advance while Property and Services lagged behind. Volume dipped to 904 million shares worth P4.09 billion as losers still beat gainers 107 to 95 with 42 unchanged.

“Philippine shares climbed following the sentiment of US stocks, which surged on Wednesday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

The S&P 500 reached a new all-time high, driven by strong performances from technology giants like Oracle and Nvidia, fueled by optimism around artificial intelligence.

Investors are also anticipating regulatory easing and corporate tax cuts under President Donald Trump's new term, which could boost corporate profits.

“Meanwhile, the PSEi made a modest recovery as bargain hunters took advantage of the recent market declines to pick up undervalued stocks,” he added.

Philstocks Financial Research Manager Japhet Tantiangco said “The bargain hunting continued which in turn extended the local market’s gains. The positive cues from Wall Street’s overnight performance also helped in Thursday’s performance.”

 

Related Tags

Regina Capital Development Corporation Luis Limlingan Japhet Tantiangco Philippine Stock Exchange index (PSEi) Philstocks Financial
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