By James A. Loyola
The local stock market made a strong bounce yesterday after funds completed their MSCI rebalancing in the previous session.
The Philippine Stock Exchange index (PSEi) jumped 129.09 points, or 1.68 percent, to close at 7,836.89 as the Property and Financials counters led the charge while the Services sector retreated.
Trading activity also improved with 1.82 billion shares worth ₱7.68 billion changing hands as gainers beat losers 102 to 77 with 54 unchanged.
“Post MSCI rebalancing, shares were heavily bought up by the market as investors brace for window dressing and the beginning on the Christmas rally,” said Regina Capital Development Corp. Managing Director Luis Limlingan.
He added that, “Investors are also optimistically awaiting more details on the imminent trade agreement between the United States and China.”