The local stock market pauses from its recent slide as investors anticipate that interest rate cuts are coming soon.
The PSEi added 12.73 points or 0.19 percent to close at 6,619.09 with the Mining sector leading the advance while the Property counter lagged behind. Volume rose to 421 million shares worth P5.62 billion as gainers edged out losers 92 to 86 with 63 unchanged.
“Philippine shares closed modestly higher following consecutive sessions of profit taking to closed the month of July,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Price action got a boost from, Wall Street as traders rotated out of megacap technology stocks and braced for the Federal Reserve's monetary policy decision.“
Philstocks Financial Assistant Research Manager Claire Alviar said that, "Along with our Asian peers, the local bourse gained as investors bought bargains after the two consecutive days of market decline."
"Investors were also awaiting the Federal Reserve's meeting to gauge the future direction of interest rates and to know how dovish the Fed's stance might be," she noted.