Local Shares Extend Recovery, Tracking US Market Gains
The local stock market continued its recovery, following the positive trend in US markets. The Philippine Stock Exchange index rose by 1.25 percent or 85.92 points to close at 6,965.51, marking its second consecutive day of gains. The broader All Shares index also ended on a strong note, increasing by 0.95 percent or 33.89 points to reach 3,614.20.
Analysts noted that the local bourse was influenced by the performance of US markets, particularly in light of the latest US inflation data which met expectations. This raised hopes that the Federal Reserve might consider easing monetary policy soon. In addition, anticipation of interest rate cuts by the Federal Reserve this year, as well as potential actions by the Bangko Sentral ng Pilipinas, contributed to investor optimism.
Investors were also seen engaging in bargain hunting ahead of the FTSE rebalancing scheduled for Friday. Market turnover improved to P5.85 billion from the previous day’s P5.01 billion. All sectors recorded gains, with property stocks leading the way with a 2.03-percent increase, followed by financials with a rise of 1.74 percent.
Market breadth was positive, with advancers outnumbering decliners 119 to 71, while 52 issues remained unchanged. Ayala Land emerged as a top performer among index members with a 4.33 percent increase, while Wilcon experienced the largest drop of 4.76 percent.
Among the most actively traded stocks were ICTSI (up 2.27 percent), BDO (up 2.33 percent), BPI (up 1.61 percent), PLDT (down 0.71 percent), and SM Investments (up 0.92 percent). The market’s positive performance reflects the overall optimism and confidence among investors, as they navigate through the current economic landscape.
