The local stock market overcame early weakness due to the high inflation report and managed to close the week on the up side.
The main index added 29.42 points or 0.48 percent to close at 6,185.53 as the Industrial and Services counters led the advance while the Property and Mining sectors were left in the red. Volume weakened to 304 million shares worth P3.97 billion as gainers beat losers 93 to 66 while 54 were unchanged.
He added that, “U.S. stocks fell for a fourth consecutive session on Thursday as economic data did little to alter expectations the Federal Reserve would continue raising interest rates for longer than previously thought.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse rose on last-minute bargain hunting despite higher inflation in October. News about the reopening of China’s economy boosted the sentiment.”
However, she noted that “many investors were seen on the sidelines as the net market value turnover was recorded at P3.54 billion only.”
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