The local stock market rose with its regional peers as oil prices eased.
The main index jumped 134.92 points or 1.93 percent to close at 7,124.80 as Conglomerates led the advance while the Mining and Oil dropped along with commodity prices. Volume was lower though at 3.35 billion shares worth P7.59 billion as gainers beat losers 108 to 80 with 47 unchanged.
“Philippine shares posted sharp gains on as the recently surging commodity prices, especially oil, cooled off while the war in Ukraine continues,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “ Oil prices dropped in a sudden move on Wednesday, giving back some of the rally this month amid supply disruptions stemming from Russia’s invasion of Ukraine.“
Philstocks Financial Research and Engagement Officer Claire Alviar said “the local bourse jumped as the global oil prices fell sharply overnight.”
She explained that, “At home, being one of the net importers of oil, the decline of oil prices spurs optimism as it may somehow slow down the increase of oil prices in the short run.”
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