Philippine stocks rose Friday to mark the start of November trading in positive territory following overnight gains on Wall Street.
The 30-company Philippine Stock Exchange index picked up 15.49 points, or 0.26 percent, to close at 5,989.27, while the broader all-shares index rose 8.83 points, or 0.27 percent, to settle at 3,263.05.
China Bank Capital managing director Juan Paolo Colet said stocks advanced on the back of US Federal Reserve Chairman Jerome Powell’s remarks that analysts said were less hawkish than expected.
Colet said, however, the local market’s failure to close above the critical resistance level of 6,000 indicates that investors remain cautious ahead of the release of US and Philippine inflation rates next week.
Value turnover remained thin at P3.2 billion.
