Stocks jump in hefty trading
Stocks jumped despite higher inflation numbers on Wednesday, with the key index finishing nearly two percent.
The Philippine Stock Exchange index closed at 7,584.21, up 137.72 points. At the broader market, there were 111 gainers and 75 losers with 48 unchanged.
Volume turnover was a hefty 1.69 billion shares valued at P10.77 billion. Foreigners were net buyers with P6.38 billion while sellers reached P5.13 billion.
Jonas Ravelas of BDO said the market is being driven by “recent run of good news: reaffirmation of credit ratings, manageable inflation and upgrades of growth forecasts.”
“Good 2016 corporate results helped boost investors confidence by breaking the 3.5 month consolidation,” added Ravelas.
Leisure and Resorts led gainers by rising 9.22 percent to P2.37 and Benguet Corp “B” rose 7.78 percent to P1.94.
The peso closed at P50.15 from Tuesday’s P50.175 against the US dollar. Volume at the Philippine Dealing System reached $336 million from $287 million on Tuesday. DMS.
