The local stock market rose on the back of gains in the US as well as positioning ahead of the rebalancing of the MSCI (Morgan Stanley Capital International), which measures the performance of the large and mid cap segments of the Philippines market.
The main index advanced 43.63 points or 0.66 percent to close at 6,666.86 led by the Property sector while the Services and Mining and Oil counters retreated.
Volume improved to 1.82 billion shares worth P6.83 billion as losers edged out gainers 84 to 81 with 56 unchanged.
“Philippine share were traded up as investor bought up in anticipation of names that may be affected by the release of the quarterly MSCI rebalancing results later,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted though that, “Many are also assesing whether the country sustain this level of expansion in the coming quarters once base effects fade.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose as investors took cues from Wall Street’s performance overnight wherein the DJIA and the S&P 500 closed at record highs. This came as the US Senate passed a $1 trillion infrastructure bill that could help in stimulating the US economy. “
He added that, “Foreign investors gave a boost to Wednesday’s climb with net inflows amounting to P513.87 million.”