The local equities market recovered some lost ground as investors started to pick up stocks that have become cheaper in the last two days.
The main index added 30.85 points or 0.45 percent to close at 6,822.09 as the Property sector led the advance while the Services and Mining counters continued to retreat. Volume fell to 1.09 billion shares worth P5.26 billion as losers still beat gainers at 113 to 71 with 46 unchanged.
“Philippine equities recovered, while U.S. equities slipped following the release of January’s hotter-than-anticipated Consumer Price Index,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “This paves the way for a potentially longer path in the Fed's fight against spiking prices.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained due to bargain hunting after the two consecutive days of market decline.“
She noted that, “Investors brought the market back above the 6,800 support level, however, we’re seeing no conviction yet. The trading was weak as many were on the sidelines waiting for the BSP policy meeting.”