PH stock index bounces back from 2-day decline

Source: pse.com.ph

MANILA, Philippines—The local stock market snapped out of a two-day correction on Wednesday as some investors saw the recent pullback as an opportunity to re-enter the market.

The main-share Philippine Stock Exchange index recouped 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 on Friday.

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 MWC (+3.82 percent), ALI (+3.08 percent) and Globe Telecom (+2.87 percent).  MPI, Petron and Belle also gained by over 2 percent while Ayala Corp. rose by 1.92 percent.

Meralco, FGEN and AEV also contributed over 1 percent gains in share prices for the day.

The Philippine government recently bagged a much-coveted investment grade rating from Fitch Ratings.  Other rating agencies, particularly Standard & Poor’s, are expected to follow suit.