Local stock market rallies, hits 6,219 on positive sentiment

The local stock market strengthened as investor sentiment got a boost from easing inflation and a delay in the tariff war started by the United States (US) against Canada and Mexico.

The main index surged by 98.19 points or 1.6 percent to close at 6,219.96 as miners led the rally across the board. Volume dipped to 629 million shares worth ₱6.84 billion, as gainers outnumbered losers—108 to 82, with 59 unchanged.

“The local bourse extended its gains as investors digested cooler-than-expected CPI [consumer price index] data and a one-month tariff delay for automakers under the US-Mexico-Canada Agreement, fueling hopes for further exemptions despite trade policy uncertainties,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Gold prices inched higher on a weaker dollar ahead of US payroll data.”

Philstocks Financial Research Manager Japhet Tantiangco said, “The PSEi extended its rally to a fourth straight day as investors continued to appreciate the significant slowdown in the Philippines’ inflation rate last February. Investors also cheered the local currency’s appreciation against the US dollar.”