The stock market snapped its three-day losing streak on Friday on the back of Wall Street’s gains and as the United States economy posted surprising growth in the third quarter.
The benchmark Philippine Stock Exchange index (PSEi) climbed by 1.19 percent or 74.61 points to end at 6,324 while the wider All Shares gained 0.71 percent or 26.49 points to close at 3,779.57.
Philstocks Financial Inc. research associate Claire Alviar said the bourse took its cue from the rally in US markets the night before as investors hunted for bargains.
The Dow Jones, S&P 500 and Nasdaq rose by 0.52 percent, 1.19 percent and 1.64 percent, respectively.
News of the world’s largest economy growing by a better-than-expected 33.1 percent in July to September — from a 31.4 percent drop in the second quarter — boosted sentiment, which spilled into local stocks, she added.
According to Alviar, hopeful investors are still monitoring the country’s economic recovery, as well as the release of companies’ earnings results for the third quarter.
Regina Capital Development Corp. Managing Director Luis Limlingan also attributed the main index’s positive performance to the US gross domestic product data, which “showed a
rebound in growth after the recession caused by the coronavirus pandemic.”
“Weekly jobless claims also came in at [a below-than-expected rate and] helped overall sentiment,” he said.
Most local sectors closed in the green, with mining and oil on top at 2.12 percent. Only services slipped, at 0.24 percent.
Total volume turnover was at 2.38 billion shares, valued at P7.3 billion.
Advancers outpaced decliners, 135 to 81, while 37 securities were unchanged.
Bureau of Internal Revenue (BIR) Commissioner Caesar Dulat said his agency welcomes its inclusion in the anti-corruption investigation to be conducted by the Department of Justice (DoJ).
“It (anti-graft probe) is a welcome move as it will assist us with our continuing effort to rid BIR of the remaining ‘bad eggs,’ the officials and employees and examiners who still continue with their corrupt practices,” Dulay was quoted as saying in a statement released by the tax bureau on Thursday.
He added that the BIR will fully cooperate with the probe. Dulay also said some people manning the agency could still be prone to corruption, and that was where Justice investigators could come in and help.
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