Stocks sustain gains on stabilizing rice prices

Philippine stocks sustained their upward momentum Tuesday on the back of easing crude oil costs and stabilizing rice prices.

The Philippine Stock Exchange index jumped 91.10 points, or 1.48 percent, to close at 6,263.94, while the broader all-shares index went up by 36.23 points, or 1.09 percent, to finish at 3.361.38.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said index gained for the fourth consecutive trading day on reports that rice prices started to stabilize amid early harvest and implementation of rice price ceiling.

“The recent gains/healthy correction in the local stock market somewhat continued to defy the more hawkish signals from local monetary officials and also from some Fed officials amid the need to better manage/control inflation and inflation expectations, towards the central bak inflation targets,” Ricafort said.