The local stock market resumed its climb after seeing a slight correction the previous day.
The main index rose 48.75 points or 0.71 percent to close at 6,934.11 although sectoral indices were evenly mixed with heavyweight Holding Firms leading the advance while the Industrial counter suffered the biggest loss.
Volume remained hefty at 1.99 billion shares worth P9.88 billion although losers outnumbered gainers 109 to 85 with 49 unchanged.
“Investors returned to the Philippine market as fund managers stayed away from US equities, which fell in an interest rate induced sell-off,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Prospect of the world’s leading central banks moving more aggressively to stamp out inflation rattled financial markets on Tuesday.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Last minute bargain hunting sent the local market higher this Wednesday.”
He added that, “Prior to this, however, the market was in the red territory due to the negative spillovers from Wall Street caused by the rise in US Treasury yields and US government shutdown worries.“