Most local stocks snapped out of a two-day correction Wednesday as some investors saw the recent pullback as an opportunity to reenter the market.
The main-share Philippine Stock Exchange index recovered 66.87 points or 0.99 percent to close at 6,815.30. Across the region, trading was mixed as investors were cautious ahead of the US jobs report due for release Thursday.
Value turnover for the day amounted to P10.23 billion. There were twice as many advancers for every single decliner for the day.
The biggest index gainers were Ayala-led stocks Manila Water Corp. (+3.82 percent), Ayala Land Inc. (+3.08 percent) and Globe Telecom (+2.87 percent). Metro Pacific Investments Corp., Petron and Belle also gained by more than 2 percent while Ayala Corp. rose by 1.92 percent.
Meralco, First Gen and Aboitiz Equity Ventures also posted gains of more than 1 percent for the day.
The Philippines recently bagged a much-coveted investment grade rating from Fitch Ratings. Other rating agencies, particularly Moody’s and Standard & Poor’s, are expected to follow suit. Doris C. Dumlao