The local bourse’s main index recovered on Wednesday after Federal Reserve chairperson Jerome Powell noted the decelerating consumer price index in the United States, while the peso gained against the greenback.
The Philippine Stock Exchange index rose by 0.61 percent, or 41.82 points to 6,923.08.
All Shares followed with a jump of 0.53 percent, or 19.26 points, to 3,675.01 points.
Investors now await wholesale inventories data, and the speeches of the Fed’s high-ranking members, Luis Limlingan, Regina Capital Development Corporation head of sales said.
The discussions will be mainly about the central bank’s plan on monetary tightening to tamp down inflation.
On the other hand, oil prices accelerated by more than three percent after the central bank boosted market confidence over interest rate hikes, while picking up demand in China.
Most of the sectoral gauges also rose during the day, led by Mining and Oil after it increased by 3.48 percent.
It was trailed by Financials, 1.58 percent; Property, 1.34 percent; Services, 0.67 percent; and Industrial, 0.66 percent.
Only the Holding Firms index shed during the day as it slipped by 0.48 percent.
Volume reached 1.15 billion shares amounting to P6.28 billion.
Advancers led decliners at 115 to 66 while 53 shares were unchanged.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said report about the improvement of the country’s employment data also bolstered the PSEi during the day.
This, after the Philippine Statistics Authority reported during the day that underemployment rate in the country eased to 12.6 percent last December from month-ago’s 14.4
percent and year-ago’s 14.7 percent.