On its 7th straight day of gains, the local bourse rallied by 112.80 points or 1.67 percent to finish at 6,850.64 as positive sentiment continues amid an improving economic environment.
Converge ICT Solutions Inc. had the biggest gain of 4.86 percent as investors hunt for bargains after its sell-off while Globe Telecom Inc. was at the bottom, dropping 1.12 percent.
The buoyant mood was bolstered by good earnings performance of companies despite high inflation during the second quarter.
Also, higher overseas Filipinos’ cash remittances in June raised optimism as well. The market’s seven consecutive days of gains is the longest streak this year, Philstocks Financial Inc. Research Associate Claire Alviar said.
There’s conviction in market participation as the net market value turnover has improved to P8.33 billion, higher than month-to-date’s average of P6.50 billion.
All sectors were in the green, led by the Banks and Holdings, advancing 2.78 percent and 1.96 percent, respectively.
Oil in downtrend
Stocks continued their upward momentum as funds look for alternatives after the weaker view of China, Regina Capital Development Corp. managing director Luis Limlingan said.
Recently, economic reports have critiqued China and the unexpected cut in its benchmark rates.
Locally, data continued to support the bargain hunting as the latest OFW remittances data indicated an increase of 4.4 percent ($2.76 billion). Meanwhile, investors this week will also be watching for the minutes from the US Federal Reserve’s July meeting, which could give further clues as to how the central bank will hike rates to tame inflation going forward.
Once again, oil prices fell on demand fears after the downbeat Chinese economic data.
Brent crude futures ended the day 3.1 percent lower at $95.10 per barrel. West Texas Intermediate crude settled 2.9 percent lower at $89.41 per barrel.