by James A. Loyola, MB
The local stock market continued to rise on fresh corporate earnings reports as well as the easing of inflation rate in the US announced last week.
The main index added 67.99 points or 1.08 percent to close at 6,354.76 as Conglomerates led the advance although the Mining and Oil counter retreated. Volume improved to 634 million shares worth P5.65 billion as gainers beat losers 103 to 85 with 39 unchanged.
“Philippine shares picked up from last week, continuing their ascent after stellar corporate earnings and growth data encouraged investors to buy into the markt,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The PSEi continued its bullish momentum this Monday, amid good third-quarter earnings, so far, and positive spillover from Wall Street as investors cheered the slowdown of the October inflation rate.”
She noted that, “So far, the sentiment at home is turning bullish. Market participation has improved as well. Moreover, the PSEi’s short-term movement is an uptrend, with the 50-day exponential moving average pointing upwards already.”
