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The local stock market ended the week at a high note as investor sentiment improved amid expectations of more rate cuts coupled with a steady credit rating for the Philippines.
The main index added 30.87 points, or 0.5 percent, to close at 6,264.49 on Friday, Sept. 19. Sectoral indices were evenly divided.
Volume surged to 2.11 billion shares worth ₱14.3 billion, as losers outnumbered gainers—105 to 93, with 57 unchanged.
“The market was lifted by continued buying pressure driven by positive economic developments, reflecting improved investor confidence,” said Regina Capital Development Corp. managing director Luis Limlingan.
He added that, “steady capital inflows from both local and foreign investors provided further support to overall market momentum.”
Wall Street saw a positive finish as major indices closed at new highs after the continued sentiment that the United States Federal Reserve (US Fed) will maintain its accommodative stance gave investors a reason to re-engage with equities.
Philstocks Financial research manager Japhet Tantiangco said, “The local market rose, further backed by positive cues from Wall Street and lower local yields. These came following the Federal Reserve’s move to cut their policy rates by 25 basis points (bps) together with their signal of more possible rate cuts within the year.”
“The Philippine Stock Exchange index (PSEi) gained for the fourth straight trading day amid the continuation of some bargain hunting activities after the latest affirmation on the A- Philippine credit ratings by Japan Credit Rating Agency (JCR) and also after US stock markets posted new record highs,” Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said.
