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The local stock market rose at the start of the three-day trading week as bargain hunters were emboldened by gains in US bourses last Friday.
The main index jumped by 63.08 points or 1.04 percent to close at 6,145.52 as the Services sector led the advance with only Banks in the red. Volume was thinner at 557 million shares worth P4.32 billion as gainers outnumbered losers 106 to 83 with 49 unchanged.
“Philippine shares traded quietly in the green as investors slowly accumulated ahead of the Holy Week break,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Manager Japhet Tantiangco said “The local market started its shortened trading week on a positive note as investors cheered the US' move to temporarily exempt consumer electronics from its reciprocal tariffs.
“Hopes of further policy easing by the Bangko Sentral ng Pilipinas this year also helped in lifting the market.”
This week, Limlingan said investors will be looking out for key US economic data including the import price index and Empire State manufacturing survey on Tuesday, followed by retail sales, industrial production, and business inventories on Wednesday.
Thursday brings jobless claims, housing starts, and the Philadelphia Fed index, while Friday wraps up with the University of Michigan consumer sentiment index.
“In the Philippines, the key releases include the February external trade report on Tuesday and OFW remittances on Wednesday, both coming after last week’s BSP rate cut,” he added.
