Stocks rise further on improving sentiment

The local stock market rose further as investors continued bargain hunting following gains in US bourses. The main index jumped 65.95 points or 1.01 percent to close at 6,572.75 as Conglomerates led the charge although Banks lagged behind. Volume was higher at 1.13 billion shares worth P6.07 billion as gainers outnumbered losers 111 to 99 with 52 unchanged. “Philippine shares continued to rebound and finishing near the 6,600 level as investors applauded the ‘so far, so good’ earnings results of U.s.listed companies,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that “across the region, investors breathed a collective sigh of relief following Iran's statement that it will not further escalate its conflict with Israel.” Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse gained during this session following positive cues from the US markets amid good initial earnings report. Investors continue to buy stocks at bargain levels while awaiting catalysts.” “Additionally, NEDA Secretary Arsenio Balisacan’s outlook on inflation, in which he sees it starting to ease in the second half as food price pressures are seen to diminish by then, contributed to the positive sentiment,” she noted.(james A. Loyola)