Market ends week on high note

February 24, 2024 | 12:00am

MANILA, Philippines — The stock market capped off the week on a high note, buoyed by positive cues from the US markets overnight.

The Philippine Stock Exchange index stayed above the 6,900 level yesterday, adding 0.15 percent or 10.06 points to finish at 6,913.21. The broader All Shares index also grew by 0.17 percent or 6.29 points to settle at 3,608.12.

During yesterday’s session, Claire Alviar of Philstocks Financial said the local bourse hit its highest point so far this 2024 at 6,990.65, before profit taking tempered the gains in the last minute.

On top of positive cues from the US markets overnight, Alviar said optimism in the Philippine economy also helped boost share prices locally.

“US investors continued to be cheered by the earnings season, pushing the S&P 500 to a record high. The positive sentiment spilled over to the Philippines, especially since the local earnings have been good so far,” Alviar said.

“Adding to the positive sentiment was the upwardly revision of Moody’s Analytics of Philippine economic forecast growth to 5.8 percent, expecting the country to be the third fastest growing economy in the Asia-Pacific region for this year,” she said.

Regina Capital’s Luis Limlingan said Philippine equities eked out moderate gains on the back of better-than-expected Nvidia earnings performance.

“Magnificent 7 stock Nvidia recorded stronger than expected earnings, sending the stock surging by 16.4 percent to all time highs and the Nasdaq jumping by 2.96 percent,” he said.

Those in the green territory, with industrial and property inching up by 0.55 percent and 0.40 percent, respectively, dominated local counters.

Mining and oil and holding firms ended in the red, declining by 0.86 percent and 0.33 percent, respectively.

Total value turnover stood at P4.54 billion.