The local stock market bounced from the previous day’s steep drop as investors picked up bargains.
The main index jumped 91.99 points or 1.33 percent to close at 7,018.02 as the Services sector led the rally across the board. However, volume dropped to 660 million shares worth P4.02 billion as gainers outpaced losers 101 to 66 with 54 unchanged.
“Philippine shares bounced back to close above 7,000 as investors continued to mull a hawkish readout of minutes from the Fed's last policy-setting meeting that suggested more aggressive monetary tightening is underway,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “the U.S. Senate passed a bill banning Russian oil and gas imports. Following this, U.S. oil dropped while international Brent slipped.”
AB Capital Securities said “ The local market rebounded from yesterday's sudden sell-off... All but five of the index issues closed in the green.”