Share prices bounced back Wednesday as investors looked for bargains after two straight days of decline.
The 30-company Philippine Stock Exchange index advanced by 41.18 points or 0.64 percent to close at 6,425.80. The wider all shares index jumped 17.56 points or 0.47 percent to 3,753.10.
Regina Capital Development Corp. head of sales Luis Limlingan said Philippine shares also tracked US performance which went up as US president Donald Trump decided to delay a 50 percent tariff on imported goods from Europe.
Limlingan said Trump’s decision to delay the proposed 50 percent tariff against European Union boosted hopes that more trade deals will follow.
All sectors ended in positive territory led by financials which increased by 1.46 percent followed by services which rose 0.76 percent.
Advancers edged decliners 117 to 80.
Value turnover improved to P5.77 billion.
Foreign investors turned net buyers with inflows reaching P687.36 million.
Alliance Global Group Inc. was the top index gainer for the day, increasing by 3.60 percent to P8.05 apiece while Century Pacific Food Inc., was the main index laggard, declining by 3.78 percent to P39.45 each.
Asian equities wobbled Wednesday as investors struggled to track a Wall Street rally fueled by forecast-beating US consumer confidence data, with a weak Japanese debt sale adding to worries about rising bond yields.
New York investors returned to their desks after a long weekend break in a good mood after Donald Trump delayed until July the 50 percent tariffs on the European Union he announced out of the blue on Friday, sparking a market rout.
The US president’s announcement Sunday delaying them soothed worries about a fresh flare-up in his trade war that has rattled global sentiment, fanned uncertainty and led some to question their confidence in the world’s biggest economy.
Buying was also boosted by Trump’s post on social media flagging progress with Brussels. With AFP
