The local stock market surged to end the week at its highest level this year as investors cheered the lower-than-expected inflation rate for October and the loosening of quarantine restrictions.
The main index jumped 137.05 points or 1.90 percent to close at 7,340.77 as the Property and Services counters led the rally across the board.
Volume rose to 1.4 billion shares worth P9.42 billion as gainers trounced losers 134 to 67 with 44 unchanged.
“Philippine shares closed to a new year to date high as inflation came in better than expected and strong third quarter earnings painted a rosier picture of the economy as the country continues to loosen restrictions caused by the pandemic,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also continued to digest the Fed’s decision to start reducing its monthly bond purchases.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rallied further as the easing of restrictions in the National Capital Region, and the slowdown in our inflation fueled optimism.”
“For this whole trading week, the market is up with total gains amounting to 4.06 percent,” he noted.
Source: Manila Bulletin (https://mb.com.ph/2021/11/05/psei-rally-to-highest-level-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=psei-rally-to-highest-level-this-year)
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