The local stock market on Thursday rebounded by 61.34 points, or 0.89 percent, to close at 6,961.96.

Most sectors gained, with Banking strengthening the most by 2.52 percent, followed by Holding Firms up by 0.73 percent, and Services increasing by 0.22 percent.

Among the indices, BDO Unibank Inc. was the top gainer, jumping 3.70 percent to P154.00.

Meanwhile, Properties and Miners were in the red territory down by 0.67 percent and 0.06 percent, respectively.

“Investors took cues from Wall Street’s rally overnight driven by the Federal Reserve’s July minutes of the meeting which hinted of possible rate cuts by September,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said in a Viber message.

He added that the strengthening of the peso against the dollar drove the sentiment performance.

The net market value turnover was P5.02 million. Advancers outweighed Decliners at 117 to 80, while 43 remain unchanged.

The peso closed at P56.33 from a dollar.