Bourse rebounds, tracks Wall Street
Investors remain cautious amid concerns about elevated interest rates following an increase in July’s inflation, which was recorded at 4.4 percent, higher than June’s rate of 3.7 percent
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Investors remain cautious amid concerns about elevated interest rates following an increase in July’s inflation, which was recorded at 4.4 percent, higher than June’s rate of 3.7 percent
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After declining for three straight trading days, the local stock market bellwether on Wednesday rebounded by 101.93 points, or 1.58 percent, to close at 6,535.17.
All sectors climbed, with Properties leading the gainers by 3.25 percent, then Services increasing by 1.91 percent, and Miners by 1.62 percent.
This, after the Index tracked how Wall Street bounced back from a three-day losing streak due to global recession fears, buoyed by a rally in Japanese equities, Regina Capital Development Corp. head of sales Luis Limlingan, said.
He added investors remain cautious amid concerns about elevated interest rates following an increase in July’s inflation, which was recorded at 4.4 percent, higher than June’s rate of 3.7 percent.
Peso stronger
The strengthening of the local currency against the US dollar further boosted sentiment, Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
Rizal Commercial Banking Corporation chief economist Michael Ricafort likewise said Wednesday’s exchange rate is the sixth day the US dollar-Peso conversion has eased.
The net market value turnover was P4.57 billion, with 98 Advancers outweighing 81 Decliners and 54 names unchanged.
The peso closed at P57.51 from a dollar.
