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Stocks sustain gains on positive sentiment

Iris Gonzales - The Philippine Star
Stocks sustain gains on positive sentiment
This undated file photo shows the trading floor of the Philippine Stock Exchange.
PSE / Released

MANILA, Philippines — The local stock market climbed anew yesterday amid improving investor sentiment.

The benchmark Philippine Stock Exchange Composite index (PSEi) finished at 6,850.64 yesterday, up 112.80 points or 1.67 percent, extending its winning streak.The  broader All Shares index rose 44.21 points or 1.23 percent.

Analysts said there’s a prevailing positive sentiment as the economy continues to improve, buoyed as well by stronger dollar remittances from overseas Filipinos.

“For the seventh straight day, the local bourse rallied by 112.80 points or 1.67 percent to 6,850.64 as positive sentiment continues amid an improving economic environment, especially with the good earnings performance of the companies despite high inflation during the second quarter,” said Claire Alviar of Philstocks Financials.

“Higher overseas Filipino cash remittances in June boosted the sentiment as well. The market’s seven consecutive days of gains is the longest streak this year,” Alviar said.

Money sent home by overseas Filipinos hit a six-month high in June, up 4.4 percent to $3.06 billion from $2.94 billion a year ago.

The sectoral gauges were all up and strong with financials and holding firms among the biggest gainers.

Total value turnover reached P8.9 billion.  Gainers outpaced losers 111 to 91 while 35 issues were unchanged.

All the actively traded stocks likewise finished in the green yesterday, marking a sea of green in the market not seen for quite some time.

Asian markets struggled for direction yesterday, weighed by worries over global growth following weak China data that knocked oil prices and commodity-linked currencies.

The dollar held near a one-week high as investors piled back into the safe-haven currency, while the Aussie, euro and Chinese yuan buckled.

Overall, the picture was mixed across Asian bourses on Tuesday, with Tokyo and Taiwan benchmarks little changed, while South Korean stocks gained 0.5 percent.   

PHILIPPINE STOCK EXCHANGE

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