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Stocks rise on remittance data, bargain hunting - BusinessWorld Online

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The benchmark Philippine Stock Exchange index (PSEi) went up by 65.58 points or 1.11% to close at 5,970.33 on Monday, while the broader all shares gained 20.89 points or 0.65% to end at 3,198.63. READ:

The benchmark Philippine Stock Exchange index went up by 65.58 points or 1.11% to close at 5,970.33 on Monday, while the broader all shares gained 20.89 points or 0.65% to end at 3,198.63.

“The index surges, but volume remains tepid. The PSEi posted a strong rally today ahead of the release of August remittance data. Today’s move may have reData from the Bangko Sentral ng Pilipinas showed cash remittances sent through banks went up by 4.3% to $2.72 billion in August, higher than the $2.60 billion a year earlier. The growth in remittances was the fastest since the 4.4% logged in June.

“The local bourse bucked the trend of the US markets last Friday. Investors extended bargain hunting, but market participation remains weak,” Ms. Alviar said in a Viber message.“Philippine shares closed higher with investors bracing for another week of data ahead. There are a handful of speaking engagements from Federal Reserve ocials throughout the week,” Regina Capital Development Corp. Head of Sales Luis A.

 

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