Local bourse bounces back after 3-day decline

After declining for three straight trading days, the local stock market rebounded on Wednesday 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, said Regina Capital Development Corp. head of sales Luis Limlingan.

He added that 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.

The strengthening of the local currency against the US dollar further boosted sentiment, said Philstocks Financial Inc. research and engagement officer Mikhail Plopenio.

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 as against the dollar.