The local stock market rose further as investors were cheered by early corporate earnings reports.
The main index jumped 71.59 points or 1.09 percent to close at 6,613.50 as Banks led the rally with only the Services sector in the red. Volume improved to 518 million shares worth P4.52 billion as gainers beat losers 99 to 81 with 44 unchanged.
“Philippine shares climbed higher again, buoyed by stronger-than-expected second quarter earnings results locally and regionally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “The latter creating optimism for a soft landing for the economy.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market climbed as investors took cues from Wall Street’s positive performance overnight amid optimism towards second quarter corporate results in the US. At home, the strong sscond quarter 2023 earnings report from BPI also sparked hopes towards the Philippine corporate sector’s earnings season.“
“Moreover, ADB’s projection that the Philippines will be the fastest growing economy for 2023 and 2024 in Southeast Asia boosted sentiment,” he noted.
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