Stock market rises after SONA

Local stocks rose Tuesday on positive investors’ sentiments following President Ferdinand Marcos Jr.’s second State of the Nation Address Monday.

The PSE index, the 30-company barometer of the Philippine Stock Exchange, climbed 29.86 points, or 0.45 percent, to close at 6,661.11, while the broader all-shares index rose 13.67 points to 3,540.38.

Analysts said investor sentiments turned positive after the Marcos administration promised to sustain the growth of the domestic economy and on expectations the US Federal Reserve would continue its policy tightening.

“The market widely expects the Fed to raise rates by 25 basis points,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Value turnover remained thin at P3.86 billion.