Local stocks surged Wednesday on continued bargain hunting and quarter-end window dressing.
The bellwether Philippine Stock Exchange index jumped 110.74 points, or 1.77 percent, to close at 6,374.68, while the broader all-shares index advanced by 51.50 points, or 1.53 percent, to settle at 3,412.88.
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Philstocks Financial Inc. research analyst Claire Alviar said investors were taking the opportunity to buy shares at bargain levels.
“The market increased despite the possibility of an off-cycle interest rate and the likelihood of a prolonged high interest rate environment,” Alviar said.
Total value turnover reached P6 billion, while foreign investors were net sellers by P301 million.
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