Local stocks rise as Wall Street ends woes

After a four-day slide, the country’s stock barometer firmed up on Wednesday as local investors picked up oversold large-cap stocks.

Tracking a rebound by most of its regional peers, the Philippine Stock Exchange index (PSEi) added 27.7 points or 0.42 percent to close at 6,686.36.  Regional markets, in turn, took their cue from an upbeat trading in Wall Street.

Overnight, US stocks posted record high levels.

The day’s rebound was led by the financial and services counters, which both rose by over 1 percent.  The holding firm and mining/oil counters also ended slightly higher.

The industrial and property counters both declined, however.

Value turnover for the day amounted to P5.3 billion.  There were 109 advancers that edged out 49 decliners, while 48 stocks were unchanged.

Foreign investors remained net sellers for the day, resulting in P754 million in foreign outflows from the market.  However, domestic bargain-hunters made up for the slack in foreign appetite.

Investors picked up shares of Megaworld, which rose by 5.51 percent, as well as Metro Pacific, which gained 4.13 percent.