The local stock market continued to rally on optimism that rate hikes will become less aggressive.
The main index rose 80.67 points or 1.26 percent to close at 6,510.32 as the Property sector led the advance across the board. Volume was slightly higher at 802 million shares worth P5.88 billion as gainers outpaced losers 105 to 83 with 46 unchanged.
“Philippine shares broke through the 6500 level as investors looked ahead to the publication of the FOMC meeting minutes for clues into the pace of future rate hikes and shrugged fears of further lockdowns in China,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Locally, there were several catalysts, on news saying that more Japanese firms are interested in investing in PH's manufacturing and RE sectors, as per the PEZA.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market extended its rally this Wednesday as investors cheered Bangko Sentral ng Pilipinas Governor Felipe Medalla’s comments that the BSP could be done with big policy rate hikes.”
He noted that, “This comes amid the expectation that the Federal Reserve will slow down with their monetary tightening. Positive cues from Wall Street also helped in Wednesday’s climb.”