Spurred by developments in the US, the local stock market posted a stronger gain after trading almost flat in the past two sessions.
The PSEI advanced 64.02 points or 0.98 percent to close at 6,630.85 with only the Holding Firms counter taking a step backwards.
Volume improved to 3.06 billion shares worth P8.85 billion as gainers clobbered losers 149 to 64 with 41 unchanged.
“Philippine shares closed considerably higher this session after the Fed said it sees no rate hikes through 2023 and that it will let inflation run hotter than usual to ensure a full economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse rose, taking cues from Wall Street’s rally overnight.”
He noted though that, “Foreigners were still net sellers with net outflows amounting to P397.96 million. Net foreign selling is already on a 22-day streak averaging P1.11 billion per day.”
AAA Equities Head of Research Chris Mangun said “The PSEi climbed higher led by recently battered blue chip property and bank stocks.
He noted that, “There is still some hope that the pandemic situation will improve in the coming weeks which will give the investor sentiment a boost. Until then, the market will continue sideways with a slight negative bias.”