The local stock market continued to recover lost ground partly due to news of some foreign buying.
The PSEi added 46.07 points or 0.69 percent to close at 6,752.50 as Banks posted strong gains while the Services and Mining and Oil counters declined. Volume improved to 1.47 billion shares worth P10.56 billion as losers beat gainers by a hair at 89 to 88 while 47 were unchanged.
“Philippine shares extended their stay in the green as investors looked ahead to Federal Chair Jerome Powell’s speech in Jackson Hole, Friday Morning,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Wall Street is hoping for new guidance on how the central bank will act this autumn, but expectations are lower, with many expecting Powell to reiterate the Fed’s promise to slow inflation by raising interest rates.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse closed higher along with other Asian markets as investors await the speech of Fed Chair Jerome Powell at Jackson Hole.”
She added that, “Moreover, net inflow of foreign investments worth $625.15 million year-to-date boosted investors' sentiment as well.”