After two consecutive days of decline, the Philippine Stock Exchange index bounced back stronger on Wednesday after shares climbed 3.57 percent to 7,035.76.
Japhet Tantiangco, research manager at Philstocks Financials Inc., said investors drew confidence from the robust performance of the local economy as evident in all available data.
Tantiangco noted that this January, the S&P Global Philippines Manufacturing PMI clocked in at 53.5, which slightly inched up by 53.1
“Meanwhile, in December 2022, the bank lending of universal and commercial banks in the Philippines, net of reverse repurchase placements with the BSP rose by 13.4 percent year-on-year,” Tantiangco said.
Positive cues
“The positive cues from Wall Street driven by expectations of a smaller rate hike by the Federal Reserve also helped in today’s climb,” he added.
Luis Limlingan of Regina Capital, likewise noted that traders are currently assessing “how firms are faring amid high inflation and fears of slowing consumer spending.”
Yesterday, foreign funds also contributed with net inflows registering P763.97 million. Trading was active with a net value turnover posting P8.42 billion, higher than the year-to-date average of P6.42 billion.
All sectors advanced with the Services posting the biggest gain, up by 4.34 percent. Gainers edged losers 143 to 49.
ACEN Corporation led the index — with shares surging 7.14 percent to P7.50. Semirara Mining and Power Corporation, on the other hand, was at the bottom after its shares fell 2.50 percent to P31.20.