MANILA – The local stock market made a strong comeback on Wednesday 07 August 2024), reflecting gains in Asian and US markets.
The Philippine Stock Exchange index (PSEi) surged 101.93 points, ending the day at 6,535.17.
Similarly, the All Shares index increased by 43 points, closing at 3,563.94.
“Philippine shares rebounded sharply following rallies in Asian and US markets. Investors are positioning ahead of the upcoming GDP release. Wall Street ended its three-day slump, with Japanese equities leading the charge,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
The PSEi climbed above 6500 after dipping to 6400 earlier in the week, one of its largest declines this year. Investors remain wary due to concerns over high interest rates following a rise in July’s inflation.
All sectors closed in positive territory, with Property leading the gains at 3.25 percent, followed by Services at 1.91 percent. Advancers outnumbered decliners 98 to 81, with 54 issues unchanged.
In currency news, the peso strengthened against the US dollar, closing at 57.51 compared to Tuesday’s 57.81. It traded between 57.495 and 57.85, with a day’s average of 57.69. Trading volume rose to USD1.75 billion from USD1.21 billion the previous day.
(IA/MNM)