The local stock market ended slightly higher a strong start as investors were quick to pocket gains made on the back of prospects of lower pump prices next week.
The main index inched up 9.50 points or 0.15 percent to close at 6,361.82 as the Industrial sector led the advance while Conglomerates and Property firms retreated. Volume improved to 538 million shares worth P6.6 billion as gainers beat losers 92 to 72 with 62 unchanged.
He noted that, “BSP Governor Felipe Medalla also shifted to a more hawkish tune as the Peso breached the P56 versus the greenback on Thursday.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors picked up shares from yesterday’s drop.” He explained that, “The projected rollback in fuel prices next week was seen to have boosted positive sentiment since it would help in slowing down our country’s inflation.”
“The positive cues from Wall Street’s overnight performance also helped in the climb,” said Tantiangco.
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