MANILA, Philippines – Local share prices rebounded yesterday, bucking the cautious trading in Asian markets ahead of a European Central Bank’s policy meeting.
The Philippine Stock Exchange index rose 0.45 or 28.64 points to close at 6,459.99, recovering from a profit taking spree a day ago as investors picked second liners.
The broader all shares index gained 0.61 percent or 24.75 points to 4,062.70.
Investors reallocated investments in favor of second liners that might benefit from the continued low interest rate environment and market liquidity, Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com, said in a phone interview.
Local fundamentals shielded the country from worries in neighboring markets, Natividad said.
In Asia, the trading day was marked by cautiousness as investors waited for the results of the ECB policy meeting. Investors also watched out for indications on the economic growth of the European economic bloc.
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Japan’s Nikkei 225 lost 0.93 percent or 106.68 points to 11,357.07 while the Hong Kong’s Hang Seng index declined 0.4 percent or 79.93 points to 23,177.
On Wednesday in Wall Street, the Dow Jones industrial average inched up 0.05 percent or 7.22 points to 13,986.52 while the broader Standard & Poor’s 500 index barely rose 0.05 percent or 0.83 points to 1,512.12. The market also awaited the ECB policy meeting.