The Philippine Stock Exchange index added 13.78 points, or 0.21 percent, to close at 6,644.75 as the Services sector led the advance with only the Property counter declining. Volume was thin at 573 million shares worth P4.03 billion as gainers beat losers 98 to 72 with 53 unchanged.
“Philippine shares marched up amid the strong tech gains in the U.S market, as well as the easing concerns around the status of the banking sector,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “PEZA also announced an increase in approved investments in the first quarter of 2023 which totaled to P12.54 billion.
Philstocks Financial Assistant Research Manager Claire Alviar said “Despite trading sideways, the local bourse managed to gain, thanks to the continued easing of banking fears. Furthermore, the release of strong economic data domestically helped to ease investors' concerns and contributed to the market's positive momentum.”
“BSP Governor Felipe Medalla has reassured investors that the local banks remain robust and that the recent monetary tightening measures do not pose any significant risks to the overall financial stability of the Philippines,” she noted.
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