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The local stock market continued to firm up as investors pick up bargains on hopes of earlier rate cuts after both US and Philippine inflation rates eased.
The main index hiked 52.04 points or 0.83 percent to close at 6,294.11 with the Property sector leading the advance while only Conglomerates declined. Volume increased to 786 million shares worth ₱6.32 billion as gainers outnumbered losers 103 to 90 with 45 unchanged.
“Philippine shares continued to recover after a choppy start to the week to close a few points shy of the 6300 marker,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Gains were made even though US equities dropped Thursday as stocks struggled to recover from a three-week slump, weighed down by President Trump's 200 percent tariff threat on EU alcohol in retaliation for a 50 percent whisky tariff, stoking market uncertainty.
“Locally, investors continued to digest news of former President Duterte's arrest and ongoing tariff concern,” he added.
Philstocks Financial Research Manager Japhet Tantiangco said “Investors continued to hunt for bargains supported by positive sentiment towards corporate fundamentals amid strong 2024 results.Foreigners were net buyers with net inflows at ₱365.15 million.”
