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Thursday, February 29, 2024

Stock index rises above 6,300 level

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Local stocks surged Wednesday on continued bargain hunting and quarter-end window dressing.

The bellwether Philippine Stock Exchange index jumped 110.74 points, or 1.77 percent, to close at 6,374.68, while the broader all-shares index advanced by 51.50 points, or 1.53 percent, to settle at 3,412.88.

Philstocks Financial Inc. research analyst Claire Alviar said investors were taking the opportunity to buy shares at bargain levels.

“The market increased despite the possibility of an off-cycle interest rate and the likelihood of a prolonged high interest rate environment,” Alviar said.

Total value turnover reached P6 billion, while foreign investors were net sellers by P301 million.

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