The local stock market surged on the back of window dressing and the further easing of tension in the Middle East.
The main index jumped 140.89 points or 2.13 percent to close at 6,769.64 led by the strength of Banks although Miners retreated. Volume rose to 603 million shares worth P5.32 billion as gainers outnumbered losers 120 to 74 with 49 unchanged.
“Philippine shares returned near the 6,800 as month end window dressing approached, and the geopolitical concern continued to wash away,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The PSEi surged as investors continued to hunt for bargain stocks after the market’s decline in the past few weeks.”
“The positive cues from the US markets last Friday and the easing tensions in the Middle East contributed to the market’s gain. Foreign investors also helped lift the market, registering a net inflow of P1.18 billion,” she noted.