Local stock prices advance as index continues to firm up

The local stock index gained on Wednesday as investors picked up oversold equities ahead of the release of Philippine economic growth data for the third quarter.

Firming up for the second session, the Philippine Stock Exchange index added 28.5 points or 0.47 percent to close at 6,053.87.

All counters were up but the biggest gainer was the property sub-index, which rose by 1.43 percent.

“The market is extremely oversold,” said Joseph Roxas, president of local stock brokerage Eagle Equities Inc., explaining the day’s upswing.  “The worst is over for storm-hit areas. Reconstruction will begin soon.”

Turnover for the day amounted to P11.79 billion.

There were 94 advancers against 50 decliners while 41 stocks were unchanged.