The local stock market recovered some losses from the past days in line with a bounce in US bourses.
The PSEi rose by 43.24 points or 0.63 percent to close at 6,870.41 as Holding Firms advanced the most while only the Financials counter retreated.
Volume remained tepid though at 2.55 billion shares worth P5.22 billion as gainers beat losers 122 to 69 with 53 unchanged.
“Philippine shares followed the sentiment of their US counterparts after the Dow booked its best day on a percentage basis since March after soaring by 1.76 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The upbeat performance in the local and regional markets came as investors moved on from the U.S. Fed's earlier comment that interest rate hikes are coming sooner than expected.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose as bargain hunters took opportunities out of the market’s preceding 4 straight days of decline.“
He added that, “The local market also took cues from Wall Street’s rally overnight.”