Market upside points to 6,700 level

MANILA, Philippines — The stock market carried its positive momentum from last week as it advanced closer to the 6,700 mark.

The benchmark Philippine Stock Exchange index grew for a third straight session, opening the week on a high note at 6,689.37, up by 0.62 percent or 41.14 points.

Also finishing in positive territory was the broader All Shares index, which gained 0.50 percent or 18 points to settle at 3,594.22.

“Philippine shares made a challenge toward the 6,700 level settling just a few points off as investors await more data that will fuel expectations of rate cuts for both the BSP and Fed,” Luis Limlingan of Regina Capital said.

Limlingan said the main economic data release to watch in the country this week is the cash remittances figure.

The Bangko Sentral ng Pilipinas (BSP) yesterday reported that cash remittances from overseas Filipino workers coursed through banks went up by 3.6 percent in May from $2.49 billion in the same month last year.

Claire Alviar of Philstocks Financial, on her end, said the local bourse climbed due to the positive spillover from the US markets’ performance last Friday.

“Moreover, report that the BSP may cut interest rates larger than expected, boosted the sentiment. Currently, it is highly anticipated that the BSP will cut rates at their upcoming August meeting,” she said.

Net market value turnover improved to P4.99 billion from last Friday’s P3.92 billion.

Most sectors were up, with property leading the charge with a 1.91-percent surge.

Services and financials were in the red, dropping 1.07 percent and 0.08 percent, respectively.