The local stock market recovered most of the previous day’s losses following the release of positive economic data and outlook.
The main index jumped 107.67 points or 1.48 percent to close at 7,380.32 led by the strength of the Property sector. Volume dipped though, to 1.13 billion shares worth P6.04 billion as gainers beat losers 124 to 73 with 60 unchanged.
“Local shares ended Tuesday in positive territory, supported by the strong performance of Philippine factories, which recorded a 53.7 PMI for the third quarter—the highest since mid-2022, according to S&P Global,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Manager Japhet Tantiangco said “the local market bounced back this Tuesday as the positive spillovers from Wall Street amid the rate cut cues from Fed Chair Jerome Powell helped the market in its rise today.”
He added that “expectations that inflation last September has further slowed down also contributed to today's rally. Finally, investors appreciated the possibility of reserve requirement ratios being brought down to zero within BSP Governor Eli Remolona’s term.”