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Stocks up again on hopes of slower rate hikes

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The local stock market ended slightly higher on the strength of banking stocks amid optimism over policy rates.

The main index added 20.19 points or 0.31 percent to close at 6,530.51 as Banks led the advance although the Industrial and Property counters retreated. Volume was relatively stable at 664 million shares worth P5.89 billion as losers beat gainers 94 to 87 wiyh 49 unchanged.

In line with this, he noted that, “treasury yields ticked lower, with the benchmark 10-year Treasury yield trading at around 3.696 percent, or about 6bps lower. The yield on the 2-year Treasury was down 3.4bps at 4.483 percent.”

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