The main index jumped 110.05 points or 1.78 percent to close at 6,295.58 as the Property sector led the charge but the Mining and Oil counter dropped. Volume was thin though at 337 million shares worth P4.48 billion as gainers outnumbered losers 117 to 62 with 50 unchanged.“Investors made bets ahead of a handful of US economic data releases this week, including the Sept. figures on merchants’ wholesale inventories and the latest CPI print on Nov.
Aside from these, he said “investors are also looking forward to the Congressional midterm elections on Tuesday to determine which party will control Congress and impact the direction of future spending.“ “Back home, the unemployment data and third quarter GDP are due on Nov. 8 and Nov 10, respectively. It is also good to note that the MSCI Nov. Semi-Annual Index review announcement is slated for Nov. 10, effective Nov 30,” Limlingan added.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained on hopes that the Federal Reserve would slow down on future interest rate hikes. Also, net foreign buying of P391.21 million helped lift the main index.”
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