The local stock barometer retested the 6,500 mark on Thursday as investor appetite further improved with a strong corporate earnings flow and the inclusion of more Philippine corporations into the FTSE All-World Index.
The local stock index swung back to positive territory on Wednesday after three days of profit-taking in the stock market, still driven by optimism about local corporate earnings.
The local stock index softened for the third straight session on Tuesday as investors continued to pocket gains after last week’s strong run-up.
Power utility Manila Electric Co. is returning to the benchmark Philippine Stock Exchange index, replacing Manila Water Co., effective March 17.
The local stock index rose to nearly the 6,300 mark on Wednesday on foreign investors’s heightened risk appetite.
The local stock barometer climbed for the third straight session on Tuesday, now nearing the 6,200 mark, riding on firmer sentiment in Wall Street.
The local stock barometer advanced for the second session on Monday, riding on a regional upswing inspired by resilient US stocks.
The local stock market firmed up for the sixth session on Wednesday, albeit on a very modest pace, on a benign economic outlook by the US Federal Reserve’s new chief and an upbeat China trade data.
The local stock barometer climbed back to the 6,100-mark on Tuesday, tracking firmer regional markets ahead of the first testimony of the new US Federal Reserve chief Janet Yellen.
Local stock market found some relief on Wednesday after taking a beating in the last three days, allowing the main index to firm up above the 5,900 mark.
After taking a heavy beating in the last two days, the local stock barometer swung back to positive territory on Wednesday as an overnight rebound in Wall Street attracted bargain-hunters.
The local stock index succumbed to further profit-taking on Tuesday, but stayed above the 6,000 support level, tracking the jittery sentiment on emerging markets ahead of a crucial US Federal Reserve meeting.
