Stocks rise on US corporate earnings news

The Philippine Stock Exchange index added 56.14 points or 0.86 percent to close at 6,576.94 Thursday, December 22, with Conglomerates leading the advance while Banks and Miners declined.

Volume improved to 3.77 billion shares worth P6.47 billion as gainers beat losers 97 to 77 with 53 unchanged. “Philippine shares jumped ahead a couple of days before the Christmas break as better-than-feared earnings and strong consumer confidence data pushed U.S. equities to close in the green for a second day,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said that, “Along with other Asian markets, the local bourse gained following the positive cues from Wall Street.” She added that, “Moreover, foreigners were net buyers, registering an inflow of P166.84 million, boosting the trading session as well.”

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