After declining on Monday due to last-minute profit sharing, the benchmark Philippine Stock Exchange index went up by 232.25 points to 6,674.38, 3.61 percent higher than the previous day's close as investors continue to cheer China's reopening despite the high inflation at home.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar pointed out that bargain hunting after three consecutive days of decline helped lift the index.
"Especially with the gains of the heavyweights, SM Prime Holdings Inc. and SM Investments Inc., surging 7.06 percent and 5.48 percent, respectively," Alviar noted.
WB forecast favorable
"Moreover, the World Bank's upwardly revised growth outlook for PH this year to 7.2 percent amid the strong reopening of the economy spurred optimism," she added.
According to Luis Limlingan, Head of Sales at the Regina Capital, there were no concerns brought about by inflation hitting 8 percent, which was above the latest median estimate.
"Although, the market still broadly expects the Fed to push the rates up again by 50bps at its December meeting."
"Investors will look ahead to data Tuesday morning on international trade for insight into the strength of the US and the global economy as well," Limlingan said.
On Tuesday, net market value turnover was recorded at P5.84 billion. All sectors were in the green, led by the 4.35 percent increase in Holdings.
Among index members, JG Summit Holdings Inc. was the top gainer, up by 7.43 percent while Monde Nissin Corporation was at the bottom, dropping 3.50 percent.
