The local stock market took a breather from its downward trend as investor sentiment was buoyed by positive corporate earnings reports.
The main index rose 50.93 percent or 0.78 percent to close at 6,607.13 as Conglomerates led the advance while Banks and Industrials retreated. Volume declined to 715 million shares worth P7.0 billion as losers edged out gainers 100 to 92 with 44 unchanged.
“To kick off the month, local shares were able to recuperate from the prior meltdown the past couple of days despite the decline in the US markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Investors seem to be optimistic regarding the better-than-expected releases of corporate earnings. However, the uncertainty remains still as February inflation could be at the range between 8.5 percent to 9.3 percent according to the central bank.”
Philstocks Financial Assistant Research Manager Claire Alviar said “Finally, the local bourse rose due to bargain hunting after four consecutive days of market decline. Investors bought bargains at the 6,600 support level.”
She added that, “Also, the bourse followed the trend in Asian markets as investors digested some economic data in the region. China’s manufacturing PMI increased to 52.6 in February, the highest since April 2012.”
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