MANILA—Local stocks rebounded Thursday from four days of decline, as the benchmark index tracked the positive performance of US and Asian markets.
The 30-company bellwether Philippine Stock Exchange index 46.15 points, or 0.75 percent, to close at 6,225.78, while the broader all-shares index went up 17.94 points to settle at 3,357.57.
China Bank Capital managing director Juan Paolo Colet said the easing US Treasury yields and indications of softening US private sector business activity lifted market sentiment.
“Whether today’s rise in the PSEi is a mere technical rebound or the beginning of sustained recovery will depend on Fed Chair Jerome Powell’s remarks at the Jackson Hole symposium,” Colet said.
Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said investors also hunted for bargain stocks following the four-day slump.
