Optimism sustains benchmark’s gain

Shares at the local capital market ended Thursday trading higher by 62.98 points or 0.95 percent to 6,706.43 buoyed by the positive performance of the US markets overnight that drove optimism among local investors.

Analyst Luis Limlingan, head of sales at Regina Capital Development Corp., said the index closed above the 6,700 level as investors await the start of the Jackson Hole economic symposium, which begins Thursday with Federal chairperson Jerome Powell scheduled to speak the following morning.

“Traders will be listening for more information about how the US Federal Reserve will combat high inflation and if policymakers may cut rates when the current hiking cycle is over. On the economic front, the weekly jobless claims report is due out on Thursday,” he said in a text message.

Thin trade

On Thursday’s close, market participation was weak with a net market value turnover of P3.57 billion, below the P4 billion threshold for two consecutive days as investors remain cautious.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar pointed out that SM Investments Corporation’s 3.41 percent gain, one of the heavyweights, helped lift the local bourse yesterday.

Except for Miners, which contracted by 0.40 percent, all sectors were in the green led by Holdings, up by 1.63 percent.

Meanwhile, Emperador Inc. of business man Andrew Tan had the biggest loss of 2.91 percent to P20.05.

Oil soared as Saudi hinted at a possible output cut while Brent crude jumped by 3.88 percent to $100.22 per barrel. On the other hand, the US West Texas Intermediate crude closed at $93.74/bbl or 3.7 percent higher.

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