MANILA, Philippines – Philippine stocks rebounded on a technical rally yesterday, putting a stop to a three-day losing streak.
The PSEi climbed 0.65 percent or 45.13 points to 6,991.19, retreating from the intraday high of 7,025.82. The broader all shares index likewise added 0.54 percent or 22.31 points to finish at 4,158.29.
“The local stock market followed the rebound in other stock markets, especially in the United States and Asia,” said Luis Limlingan, analyst at Regina Capital Development Corp.
Asian stocks were mostly on a positive mood on Wednesday while US stocks recovered from steep declines it suffered in the previous trading days.
Locally, all counters finished in the green, led by the mining and oil and property counters which climbed 1.41 percent and 1.15 percent, respectively.
Turnover value went up to P12.52 billion from P12.01 billion on Tuesday. Advancers dominated decliners, 102 to 63, while 47 stocks did not change.
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Limlingan, however, said Wednesday’s comeback may only be a temporary relief in the market following what seems to be a weakening global growth.
“The slowdown is still lingering so a bearish outlook will likely continue,” he said.
