Share prices extend rally for 4th day

Share prices extend rally for 4th day

MANILA, Philippines — The stock market extended its gains, buoyed by positive cues from the US marketsThe benchmark Philippine Stock Exchange index (PSEi) is now on a four-day winning streak after climbing by 1.23 percent or 77.47 points to 6,390.58 yesterday.

Also finishing in the positive territory was the broader All Share index which rose by 0.79 percent or 27.12 points at 3,477.70.

“The PSEi sustained its gains for the fourth consecutive day, driven by bargain hunters. It was also just announced at market close that the Bangko Sentral ng Pilipinas would maintain its key policy rate at 6.5 percent in the meantime, which was in line with the consensus,” Luis Limlingan of Regina Capital said.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market rose as investors took positive cues from Wall Street overnight amid optimistic anticipation over the US inflation report for May which will be released by the end of the week.

Plopenio, however, said some investors remained cautious during yesterday’s session as they await cues from the BSP regarding rate cuts.

As a result, he said net market value turnover remained tepid at P3.86 billion, lower than the year-to-date average of P5.02 billion.

All sectors were in the green, led by financials which jumped by 2.50 percent and industrial which grew by 1.07 percent.

Market breadth, however, was negative as decliners edged out advancers, 99 to 91, while 43 issues were unchanged.

Converge ICT Solutions had the biggest gain among index members with 3.83percent, while JG Summit Holdings dropped the most with 2.59 percent.