The Philippine Stock Exchange index continues to gain amid lighter trading volumes, as investors hunt for bargains after two straight days of declines on 22 and 23 August.
The local stock barometer picked up from its 24 August rebound, opening at 6,657.18 on 25 August, up 13.73 points or 0.21 percent.
Analyst Luis Limlingan, head of sales at Regina Capital Development Corp., said investors are waiting for Federal chairman Jerome Powell to speak on the central bank’s tightening stance.
“The three-day Jackson Hole economic symposium started on Thursday (25 August) with Powell slated to speak on 26 August. Fed watchers expect him to reinforce the central bank’s goal of squashing inflation and keeping expectations about future price gains in check,” Limlingan said in a text message.
On 24 August, the average net value turnover was recorded at P3.23 billion, weaker than the month-to-date average of P6.15 billion, with mixed performances of sectors.
Properties comprised the gainers while industrials were the losers.
Ayala Land was at the forefront after gaining 3.41 percent, while JG Summit by 2.60 percent.