1 week ago
6
The local stock market rose further as investors picked up cheaper stocks ahead of tomorrow’s announcement of the inflation rate for February.
The main index added 26.92 points or 0.45 percent to close at 6,064.11, led by the strength of the mining and banking sectors, while the conglomerate and property counters dipped slightly. Volume was lower but remained above average at 907 million shares worth ₱7.09 billion, as gainers outnumbered losers—107 to 84, with 49 unchanged.
“The local bourse extended gains as investors seized bargain-hunting opportunities ahead of the CPI release,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Gold rose 1.2 percent to $2,893.44 per ounce, rebounding from a three-week low on a weaker dollar and safe-haven demand amid tariff concerns.”
Philstocks Financial Research Manager Japhet Tantiangco said, “The local market extended its rise backed by investors’ appreciation of robust 2024 corporate results. Optimistic expectations towards the Philippines’ February inflation print also helped in today’s climb.”
