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Sunday, May 19, 2024

Philippine stocks extend gains, near 7,000 level

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Philippine stocks sustained their upward trend Friday, sending the benchmark index closer to the 7,000 level.

The 30-company Philippine Stock Exchange index added 10.06 points, or 0.15 percent, to close at 6,913.21, while the broader all-shares index inched up by 6.29 points, or 0.17 percent, to finish at 3,608.12.

Philstocks Financial Inc. research analysts Claire Alvair said the market was being fueled by positive cues from the US markets and rising optimism on the Philippine economy.

“Adding to the positive sentiment was the upward revision of Moody’s Analytics PH economic growth forecast to 5.8 percent, expecting the country to be the third fastest growing economy in Asia-Pacific region for this year,” Alviar said.

The market hit an intra-day high of 6,990.15 before profit-taking tempered the gains in the last minute.

Market turnover reached P4.1 billion.

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