MANILA, Philippines—The local stock barometer rallied sharply on Wednesday to retest the 7,100 mark as risk appetite was boosted by a tech-driven Wall Street rally overnight.
The Philippine Stock Exchange index gained 86.19 points or 1.22 percent to close at 7,154.22.
Fund managers said the day’s upswing was boosted by the upswing in US stocks overnight that in turn buoyed most regional markets.
Overnight, the Dow Jones Industrial index was up by 215.14 points to reach 16,614.81.
All counters were up but the biggest gain was posted by the property counter (+2.48 percent), coming from the previous day’s decline. The financial counter was likewise up by 2.17 percent.
Value turnover for the day amounted to P6.69 billion. There were 111 advancers that edged out 67 decliners while 41 stocks were unchanged.
The PSEi was led higher by Bloomberry, ALI and Megaworld, which all rose by over 4 percent.
FGEN and Globe also rose by over 2 percent while RLC was up by 1.05 percent. EDC, AGI, Metrobank and SM Prime also contributed to the upswing.
Outside of the PSEi, Security Bank was a notable gainer (+2.39 percent).
On the other hand, the PSEi’s rise was tempered by SMIC’s 2.42 percent rise.
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