The local stock market rebounded with its regional peers following gains in US bourses.
The main index jumped 101.93 points or 1.58 percent to close at 6,535.17 as the Property sector led the rally across the board. Volume dipped to 543 million shares worth P4.9 billion as gainers outnumbered losers 98 to 81 with 54 unchanged.
“Philippine shares made a furious comeback following the rally of Asian and US markets, as investors start to make bets ahead of the GDP release later,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Wall Street snapped its three-day losing streak as investors took a break from recession fears, buoyed by a rally in Japanese equities.
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the local market bounced as investors hunted for bargains after a three-day decline. Along with our regional peers, the bourse tracked Wall Street’s rebound overnight.”
“Also, the strengthening of the local currency against the US dollar boosted sentiment,” he added.