MANILA, March 17 (PNA) –- The local stock market recovered from a two-day slump on Tuesday, tracking Wall Street’s lead ahead of United States Federal Reserve’s meeting this week.
The benchmark Philippine Stock Exchange index (PSEi) advanced 58.15 points to 7,789.10 from previous day’s 7,730.95 close.
“Bargain hunting and improved sentiment from Wall Street pushed the market higher,” said BDO Unibank chief market strategist Jonathan Ravelas.
Brokerage firm DA Market Securities Inc. said U.S. markets surged as the dollar weakened ahead of the Fed’s policy meeting on worries that the central bank could become more cautious about raising interest rates.
“The timing of the interest rate hike in the U.S. is being closely monitored by international markets. The U.S. Fed’s two-day policy meeting this week may provide more firm indication on whether it will be mid-year (June) or later in the year (September),” it said.
All sectors were in positive territory, except services that lost slightly.
Volume of transactions reached 1.75 billion shares valued at PHP9.31 billion.
Advancers won decliners, 93 to 85, while 41 issues unchanged.
The day’s top gainers were led by Centro Escolar University, Oriental Petroleum and Minerals Corp., Zeus Holdings Inc., Century Peak Metals Holdings Corp. and i-Remit Inc. (PNA)