The main index jumped 96.18 points or 1.43 percent to close at 6,822.32 as Holding Firms led the advance although the Services sector lagged behind. Volume rose to 890 million shares worth P7 billion as gainers beat losers 114 to 76 with 51 unchanged.“Philippine shares climbed past the 6800 mark after a string of more upbeat corporate results locally and globally offset fears of a steep economic slide,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, local investors are also getting ready for the MSCI rebalancing at the end of the month of May. Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose as global economic concerns ease. The market took cues from Wall Street’s positive performance last Friday backed by the growth slowdown of the US’ core personal consumption expenditures price index from March’s 5.2 percent to April’s 4.9 percent.”
He added that, “Investors also cheered the easing of restrictions in China.” BDO Unibank Chief Market Strategist Jonathan Ravelas said “PSEI at 6,822.32 could signal near-top in place at 6,839.27 as the rally was accompanied by weak volume. Near-term bias remains tilted to the downside.”