MANILA – The local stock market rebounded on Wednesday following the rally of Asian and US markets, while the peso closed stronger against the US dollar.
The Philippine Stock Exchange index (PSEi) gained 101.93 points to close at 6,535.17, while the broader All Shares, likewise, rose 43 points to 3,563.94.
"Philippine shares made a furious comeback following the rally of Asian and US markets, as investors start to make bets ahead of the GDP (gross domestic product) release later. Wall Street snapped its three-day losing streak as investors took a break from recession fears, buoyed by a rally in Japanese equities," Regina Capital Development Corp. head of sales Luis Limlingan said.
"The local index climbed back above 6500 after falling to 6400 earlier this week, one of the biggest drops of the year. Investors remain cautious amid concerns about elevated interest rates following a rise in July's inflation."
All Sectors closed in the green, led by Property, which went up by 3.25 percent, and Services, which rose by 1.91 percent.
Advancers led decliners at 98 to 81, while 54 were unchanged.
The peso, meanwhile, closed stronger against the US dollar, finishing at 57.51 from Tuesday's 57.81.
It opened at 57.7 and traded between 57.495 and 57.85.
The day’s weighted average stood at 57.69.
Volume of trade went up to USD1.75 billion from USD1.21 billion the previous day. (PNA)
