Foreign funds fuel stock rally

The local stock market rallied past the 6,800 level on some foreign buying.

The main index jumped 112.80 points or 1.67 percent to close at 6,850.64 with Banks leading the charge. Volume rose to 967 million shares worth P8.89 billion as gainers beat losers 111 to 91 with 35 unchanged.

“Philippine stocks continued their upward momentum as funds look for alternatives after the weaker view of China,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Locally, data continued to support the bargain hunting as the latest OFW remittances data indicated an increase of 4.4 percent ($2.76 billion).”

Philstocks Financial Research and Engagement Officer Claire Alviar said “For the 7th straight day, the local bourse rallied as positive sentiment continues amid an improving economic environment, especially with the good earnings performance of the companies despite high inflation during the second quarter.“

She noted that, “The market’s 7 consecutive days of gains is the longest streak this year.”

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Credit belongs to : www.mb.com.ph

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