By Leslie Venzon
MANILA, (PNA) –- The Philippine stock market gained slightly on Tuesday along with other bourses in the region, bolstered by expectations the Fed Reserve will maintain its stimulus.
The benchmark index snapped a two-day loss and increased 3.67 points to 6,543.46 from previous day’s 6,539.81 close.
“Anticipations the Fed will leave QE3 (quantitative easing) untouched at the conclusion of its two-day meeting Wednesday was strengthened even more by below forecast factory output and housing data,” said brokerage firm Accord Capital Equities Corp.
Industrial, holding firms and services gained moderately.
The sub-indices of other countries fell 0.03 percent to 1.14 percent.
Total volume turnover was thin at 701.68 million valued at P6.44 billion.
Market breadth was negative as decliners dominated advancers, 77 to 60, while 51issues were unchanged.
The day’s biggest gainers were 8990 Holdings Inc., Pancake House Inc., Greenergy Holdings Inc., Millennium Global Holdings and Century Peak Metal Holdings.