By Leslie D. Venzon
MANILA, Aug. 26 (PNA) — Philippine shares ended higher for a second day on Wednesday after their biggest one-day loss in two years, bucking the trend in most emerging markets, as the improving China’s environment continues.
The benchmark Philippine Stock Exchange index (PSEi) increased 37.58 points to 6,867.92 from previous day’s 6,830.34 close.
”However, most emerging markets continued to sustain losses even as China cut its policy rate and the reserve requirement to augment its stimulus efforts,” said local brokerage firm RCBC Securities Inc.
Accord Capital Equities Corp. said the China narrative changed a bit with the People’s Bank of China’s infusion, a similar track it took in early-June.
The market’s gain was led by industrial and property that advanced 2.14 percent and 1.92 percent.
Only the holding firms sector was in the negative territory.
Value turnover reached Php12.62 billion.
Market breadth showed positive indication with 122 advancers against 58 decliners, while 50 issues were unchanged. (PNA)