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Stocks up on late buying

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The PSEi added more points on late bargain hunting as investors cheered the latest earnings reports in the US and by local firms.

The main index increased by 18.02 points or 0.27 percent to close at 6,679.13 with the advance primarily due to Miners and Conglomerates. Volume was steady at 462 million shares worth P4.44 billion as losers beat gainers 87 to 78 with 56 unchanged.

“Philippines notched another winning day on Tuesday as investors digested the latest earnings reports released, ahead of the FOMC minutes,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “Turning to the local scene, the IMF raised its 2023 Philippine GDP forecast to 6.2 percent from the 6 percent forecast it gave last April. The revision was said to be driven by the expectation that domestic demand will continue to be robust.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse’s gains were driven by last-minute bargain hunting. Positive cues from the US markets and the anticipation of second quarter corporate earnings at home, helped lift the index as well.” She also noted that, “The sentiment was further boosted as the IMF upwardly revised its economic growth forecast for the year from 6.0 percent to 6.2 percent on the back of strong domestic demand.”

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