Share prices bounced back Wednesday to close above the 6,000 level on strong foreign and local buying.
The benchmark Philippine Stock Exchange index rose 28.53 points, or 0.48 percent, to close at 6,004.70, while the broader all shares index slipped by 28.17 points, or 0.79 percent, to 3,546.65.
“Rate cut hopes for the Bangko Sentral ng Pilipinas and the Federal Reserve in their December meeting were seen as the main reason for the positive sentiment today,” said Japhet Tantiangco, research head for Philstocks Financial Inc.
Foreign investors were net buyers with inflows of P2.39 billion.
Strong foreign transaction boosted value turnover to P7.69 billion.
The property sector rose 1.31 percent, as real estate firms are expected to benefit from a potential rate cut. Financials also went up by 1.24 percent.
Holding firms, on the other hand, declined 1.31 percent.
SM Prime Holdings Inc. was the day’s top index gainer, increasing by 4.66 percent to P22.45, while DigiPlus Interactive Corp. was the day’s worst performer, declining 4.79 percent to P25.85.
Meanwhile, the Philippine Stock Exchange has appointed Cecile Ang, daughter of San Miguel Corp. President Ramon Ang, and former Transportation Secretary Jaime Bautista as directors of the local bourse.
The PSE, in a disclosure to the stock exchange, said Ang will replace Ferdinand Constantino, who resigned Wednesday as non-broker director (representing investors) of the exchange. Jenniffer B. Austria
She was nominated by the San Miguel Corporation Retirement Plan.
Constantino was a member of the Audit and Related Party Transactions Committee and the Corporate Governance Committee.
Likewise, the PSE elected Bautista as an independent director of the exchange, replacing Andrew Jerome Gan, who resigned from the company early this month.
