Growing optimism helps push index up

The local market remains upbeat at the close of the week keeping at above the 6,800 level as it closed higher at 6,863.86 points, up by 39.23 points.

The main index ended positive for 10 out of the last 11 trading sessions.

Shares resumed climbing as investors digested initial jobless claims and home sales data and the latest decision from the Bangko Sentral ng Pilipinas to raise the policy rate by 50 basis points.

The Monetary Board decision pushed the benchmark rate to 3.75 percent which is in line with the consensus.

United States home sales slowed to 250,000 for the week ended 13 August from the July drop of almost 6 percent.

Good results flowing
Investor sentiment may be buoyed by better-than-expected earnings reports and an upbeat outlook from the semiconductor sector, according to Regina Capital Development Corp. managing director Luis Limlingan.

According to DA Market Securities, nickel miners gained the most on Friday’s close.
The three largest nickel miners all ended higher: Nickel Asia Corp. added 6.8 percent, Global Ferronickel Holdings Inc. increased 5.68 percent and Marc Ventures rose 6.47 percent.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the 50 bps rate adjustment will help tame the inflation rate which has been affecting the consumers’ purchasing power.

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