Share prices snapped a five-day losing streak on Wednesday with the benchmark Philippine Stock Exchange index regaining 0.53 percent or 44.47 points to close at 8,404.69.
The broader All Shares rose 0.44 percent or 22.15 points to end at 5,055.87.
“I think investors just bought back selected oversold stocks at the close despite looming trade war in the US that clouded investors’ sentiment during early trade,” IB Gimenez Securities, Inc. research head Joylin Telagen said.
Aniceto Pangan, equities trader at Diversified Securities, Inc. said “we may see market correction in the trading sessions ahead after a high local inflation rate, possible increase in rates by the US Federal Reserve and change in the US trading policy with the application of steep tariffs on steel and aluminum,”
Data released on Tuesday showed that inflation had surged to 4.5 percent in February, breaching the government’s 2.0-4.0 percent target range for the year.
Investor worries have also been stoked by US Federal Reserve Chairman Jerome Powell’s suggestion that rate hikes could be accelerated and US President Donald Trump announcement that his administration would be slapping tariffs on steel and aluminum imports.
Garie Ouano, research director at China Bank Securities, said the stock market’s rise had factored in Februay inflation.
“The central bank also affirmed its stance that no policy rate hike would be seen in the near future,” Ouano added.
The services and mining and oil sectors were the only decliners on Wednesday, losing 0.30 percent and 1.74 percent, respectively.
More than 2.42 billion issues valued at P8.6 billion changed hands.
Losers led winners, 113 to 100, while 48 issues were unchanged.