The local stock market bounced as investors pick up stocks that have suffered losses in past sessions.
The main index jumped 81.65 points or 1.22 percent to close at 6,892.73 as the Property sector led the advance although Mining and Oil and Holdjng Firms remained in the red. Volume picked up with 632 million shares worth P6.92 billion changing hands as losers still beat gainers 124 to 64 with 54 unchanged.
“Investors reverted to bargain hunting after the holiday following two successive days of the US trading in the green,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “US equities closed up for two straight days ahead of the anticipated Fed decision on Wednesday. The street is largely expecting the central bank to raise rates by 50 bps this week.“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Late day buying sent the local market higher as bargain hunters took opportunities out of the market’s two-day decline which even got extended down to 6,630.46 early this Wednesday.“