Index picks up over rates cut prospect

After two days straight of decline, the local stock market on Wednesday strengthened by 12.73 points, or 0.19 percent, to close at 6,619.09.

Most sectors were green, with Mining and Oil leading the gainers with a 1.66 percent increase, followed by the Industrials, up by 0.98 percent, and Services by 0.81 percent.

The Property index was the lone loser, dropping by 1.24 percent.

Dovish signals provide lead

Rizal Commercial Banking Corporation chief economist Michael Ricafort cited offsetting positive factors for the local bourse, including some local monetary officials who reiterated dovish signals in terms of a possible -0.25 local policy rate cut as early as 15 August as a source of new market leads and the easing trend in local interest rate yields recently that supported market sentiment.

The net market value turnover was P5.20 billion.

Ninety-two Advancers edged 86 Decliners, with 63 names unchanged.

The peso closed at P58.36 from a dollar.