Local bourse up 41 points post-SoNA day

The local stock market on Tuesday strengthened by 41.07 points, or 0.61 percent, to close at 6,753.12.

Most sectors were green, with Holding firms leading gainers with a 1.66 percent increase, followed by Services, up by 1.52 percent, and Industrial by 0.65 percent.

In the red, meanwhile, were Property and Bank indices, dropping by 1.62 percent and 0.17 percent, respectively, the day after President Ferdinand Marcos Jr.’s third State of the Nation Address (SoNA).

Positive Wall Street spillovers

Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said the local bourse’s gains were boosted by positive spillovers from Wall Street overnight amid optimism on US second-quarter corporate results.

“Net foreign fund inflows stood at P442.93 million, which also helped in today’s climb,” he said in a Viber message.

For his part, Regina Capital Development Corp. head of sales, Luis Limlingan, said, “Philippine shares followed Wall Street’s positive sentiment, with technology stocks rebounding from last week’s sell-off.”

Biden’s withdrawal

He added that investors have been adjusting their assumptions following US President Joe Biden’s recent withdrawal from his re-election campaign.

The net market value turnover was P4 billion, lower than the P4.95 billion year-to-date average. There were 93 decliners and 67 gainers, with 74 unchanged.

The peso closed at P58.43 from a dollar.