PSEi boosts remittances and US bank performance – Manila Bulletin

PSEi boosts remittances and earnings for U.S. banks

The local stock market surged on strong gains in US stock markets.

The main index jumped 158.31 points or 2.65% to close at 6,128.64 with the property sector leading the rally. However, volume declined to 351 million shares worth 4.82 billion pesos as the winners outpaced the losers 109 to 73 with 52 unchanged.

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“Philippine stocks rebounded above the 6,000 mark as investors became bargain hunters and picked up index names beaten across the board,” said Regina Capital’s managing director. Development Corporation, Luis Limlingan.

He noted that “in the United States, last night’s decisions were also based on strong earnings reports from banks like Bank of America and Bank of New York Mellon.”

Claire Alviar, head of research at Philstocks Financial Assistant, said: “The local stock market surged as investors cheered the increase in remittances last August. Additionally, positive signals from the US market overnight pushed the market higher. »

“Cash remittances in August were up 4.29% year-on-year, bringing year-to-date remittances to $20.99 billion. This bolstered sentiment as higher remittances could help the peso weaken against the US dollar,” she added.

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