Stocks back at 6,600 level

The local stock market made some gains on the back of positive comments by US Federal Reserve Chair Jerome Powell.

The main index added 12.26 points or 0.19 percent to close at 6,606.00 as Conglomerates led the advance while the Industrial and Property sectors declined. Volume dropped to 787 million shares worth P4.27 billion as gainers beat losers 97 to 77 with 56 unchanged.

“Philippine shares ended the week above 6600 equities as traders digested further Fed Chair Jerome Powell’s latest comments on inflation. However, bets for a 0.75pp interest rate increase in September ticked up, boosting bond yields and pressuring stocks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse returned above 6,600 levels following the gain of the US markets overnight as well as the performance of our Asian peers as Fed Chair Powell vows to fight inflation. “

She added that, “At home, good employment figures in July also boosted the sentiment. In addition, the PSEi was also lifted by the gain of heavyweight SM Investments.”

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Credit belongs to : www.mb.com.ph

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