Stocks end higher

The local stock market opened the week in an upbeat mood as regional markets firmed up on rising bets that the US Federal Reserve would not sanction any interest rate increase for the rest of this year.

The main-share Philippine Stock Exchange index (PSEi) racked up 111.32 points or 1.63 percent to close at 6,961.93 Monday.

Elsewhere in the region, stock markets surged as sluggish US jobs data released on Friday created expectations that the US Federal Reserve won’t even have to hike targeted interest rate this December.

At the local market, all counters gained, led by the services and property counters, which both rose more than 2 percent.

Reflecting the improved risk appetite, there was a modest P94 million in net foreign buying at the local bourse. This marked the fourth straight session that local equities attracted net foreign inflows.

Value turnover for the day amounted to P9.15 billion. There were 112 advancers that overwhelmed 65 decliners while 32 stocks were unchanged. Doris Dumlao-Abadilla