MANILA – The local stock market rebounded on Thursday, driven by the positive spillovers from Wall Street, while the peso closed almost flat against the dollar.
The Philippine Stock Exchange index (PSEi) gained 119.89 points to 6,609.24, while All Shares rose 45.64 points to 3,555.68.
"The local market rose by 119.89 points (1.85%) to 6,609.24 this Thursday, joining its neighboring peers in the green territory. Thursday’s rise is driven by the positive spillovers from Wall Street’s record-high performances overnight amid hopes of rate cuts by the Federal Reserve," Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said.
"Also, the Philippine peso’s improved performance against the US dollar was cheered. Adding to the positive factors was the inflow of foreign funds as foreigners were net buyers amounting to PHP69.30 million," Plopenio added.
All sectors were in the green led by the conglomerates climbing 2.35 percent, followed by the Industrials index rising 1.85 percent.
Gainers edged losers 117 to 98.
The peso, meanwhile, closed at 58.30 to a dollar, almost unchanged from the 58.32 closing on Wednesday.
It opened at 58.24 from the previous day's 58.3.
It traded between 58.24 and 58.34, bringing the weighted average for the day at 58.29.
Volume of trade declined to USD1.12 billion from USD1.16 billion. (PNA)
