MANILA – Some local stocks are expected to remain prone to profit-taking Thursday following the rally in US markets overnight.
Regina Capital Managing Director Luis Limlingan said the 2-percent rise in oil futures extends gains as optimism over US stimulus lifts markets.
Limlingan said Brent crude rose by USD0.29 or 1 percent to USD27.44 per barrel, while US crude futures posted a 2 percent or USD0.48 uptick to USD24.49 per barrel.
He added world stocks rallied mainly on expectations that US lawmakers will approve the proposed USD2-trillion fiscal stimulus to be used to help support the US economy from the global pandemic.
The Philippine Stock Exchange index (PSEi) is currently trading with gains, with the figure up by 4.91 percent, or 246.80 points, to 5,274.56 points as of 11:18 a.m. Thursday.
All other indices are also trading with gains.
On the other hand, the peso started the day weaker against the US dollar at 50.98 from 50.85 Wednesday. (PNA)
