by James A. Loyola, MB
The local stock market climbed back to the 6,000 level as investors picked up bargains in anticipation of upcoming economic data and corporate earnings reports.
The main index added 45.23 points or 0.76 percent to close at 6,028.79 as the Services sector led the advance while the Mining and Oil counter lagged behind. Volume was thin at 406 million shares worth P3.48 billion as gainers beat losers 91 to 76 with 55 unchanged.
“Philippine shares started the last week of October solidly, as investors stateside are going to have a handful of eco data to keep tabs on this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, these include “PMI data on Oct. 24, New Home sales for Sept. on Oct. 26, GDP and Durable Goods Orders print on Oct. 27, and Personal Income reading on Oct. 28.“
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse went up amid bargain hunting while investors await the third-quarter earnings results. Moreover, the government’s announcement that it is prepared to defend the peso from falling to 60 levels against the US dollar boosted the sentiment.”
She noted that, “Wall Street’s positive performance last Friday also influenced the market’s movement. However, market participation remains weak.”
