Philstocks Financial Inc. research and engagement officer, Mikhail Plopenio, attributed the market’s rise to Wall Street’s positive spillovers of its record-high performances overnight amid rate cuts hopes by the Federal Reserve
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After sinking in the red the previous day, the Philippine Stock Exchange Index on Thursday rebounded by 119.89 points, or 1.85 percent, to close at 6,609.24.
Holding Firms had the biggest gain at 2.35 percent, followed by the Industrials at 1.85 percent and Property at 1.67 percent.
Philstocks Financial Inc. research and engagement officer, Mikhail Plopenio, attributed the market’s rise to Wall Street’s positive spillovers of its record-high performances overnight amid rate cuts hopes by the Federal Reserve.
Healthy funds flow
“Also, the currency’s improved performance against the US dollar was cheered. Adding to the positive factors was the inflow of foreign funds, as foreigners were net buyers amounting to P69.30 million,” he said in a Viber message.
JG Summit Holdings Inc. led the index members, gaining by 5.32 percent to P27.70. Wilcon Depot Inc. was the sole loser, dropping 0.46 percent to P17.30.
Rizal Commercial Banking Corporation chief economist Michael Ricafort, meanwhile, said the local market also gained recently amid the easing and improving trend in local interest rates and bond yields that supported market sentiment, which he said could reduce the borrowing and financing costs of listed companies. The net market value turnover stood at P5.50 billion.
The peso closed at P58.305 from a dollar.
