Stocks extend rally on growing optimism

The local stock market continued to rally on growing optimism that inflation may soon ease. 

The main index rose 38.18 points or 0.57 percent to close at 6,737.84 as Conglomerates led the advance although the Services and Industrial counters lagged behind. Volume dipped to 1 billion shares P5.49 billion as gainers edged out losers 101 to 89 with 48 unchanged.

“Following the US rally US on Friday, Philippine shares rose once again, starting another positive week as investors celebrated signs that inflation may be peaking,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse started the week positively as bullish sentiment persists. “

She noted that, “As the market breached and managed to stay above the 6,600 levels, some investors are accumulating at that level, especially those undervalued stocks with good earnings in the first semester. Moreover, net foreign buying of P360.11 million also helped lift the index.”