Local stock market bounces back
MANILA, Philippines—Local stock prices rebounded on Tuesday as global markets cheered the US Federal Reserve’s signal that easy monetary policy will remain.
The main-share Philippine Stock Exchange recouped 48.47 points or 0.96 percent to finish at 5,078.10.
All sectors were up but the day’s strongest performers were the holding firm and mining/oil counters whose sub-indices surged by over 2 percent.
Dealers said risk appetite was perked up by US Feds chairman Ben Bernanke’s statement that the relaxed monetary policy would be kept despite indications that the US economy was in better shape. (The statement also brought interest rates across the globe to record lows.)
There were 98 advancers against 62 decliners while 52 stocks were unchanged.
Investors picked up shares of index stocks like PLDT, SMIC, JG, AGI, Metrobank, Megaworld, MPIC, RLC, EDC, ALI and Meralco. Other stocks that gained in heavy trade were Nickel Asia, Cebu Holdings, COL Financial Group, PNB and Petron.
On the other hand, there was profit-taking on Ayala Corp. and DMCI.
As the US Fed hinted that supportive monetary policy would remain even though the US jobs market was firming up, all the three major U.S. stock indexes rallied by over 1 percent overnight.
