The Philippine Stock Exchange began the first trading day of August, gaining 74.74 points, or 1.13 percent, to close at 6,693.83.
All sectoral indices were green, with Banking leading the gainers at 2.75 percent, followed by Mining and Oil up by 1.70 percent, and Property up by 1.35 percent.
The local bourse's performance was influenced by the Federal Reserve's signaling the possibility of an interest rate cut at the next meeting if data continues to show easing inflation, said Luis Limlingan, head of sales at Regina Capital Development Corp.
“The Federal Reserve held interest rates steady. Investors are now awaiting jobless claims data, construction spending for June, and ISM Manufacturing data for July,” he said in a Viber message.
Philstocks Financial Inc. research and engagement officer Mikhail Plopenio, meanwhile, said that a rate cut by the Fed is seen to ‘somehow give more room for the BSP to ease its own policy.’
He added that BMI's positive outlook on the Philippines’ consumer spending this year and next year boosted the sentiment.
The net market value turnover was P3.89 billion.
One hundred four advancers outweighed 74 decliners, while 50 names remained unchanged.
The peso closed at P58.33 as against the greenback.
Trade chief's resignation no effect on stock market
The recent resignation of Department of Trade and Industry (DTI) Secretary Alfredo Pascual is seen as not affecting the local bourse.
According to Limilingan, the trade chief quitting his post is a ‘non-event for the market.’
Rizal Commercial Banking Corporation chief economist Michael Ricafort, likewise, said it has not much effect, as among DTI’s mandates is enforcing price laws in public markets, supermarkets, groceries, and other stores.
The Presidential Communications Office on Wednesday announced Pascual’s resignation, which will take effect on Friday, 2 August.
The Palace said he would transition back to the private sector.