PHILIPPINE shares rebounded during the early trading Wednesday climbing just above the 8,000 level as the local market mimicked its regional counterparts, including the US closing up overnight.
The benchmark Philippine Stock Exchange index (PSEi) jumped 1.49 percent or 117.99 points at 8,024.59. The broader All Shares gained 1.04 percent or 49.09 points at 4,773.00.
“I think it just got a boost from the Dow Jones—from New York. I think even the region is up,” First Grade Finance Inc. Managing Director Astro del Castillo said.
“I think it brought optimism sa Dow Jones especially because of reports about the US economy—on the right track, and earnings, and improving economy—it will benefit our exports so it got a kick from the US market,” he noted.
All sectoral indices were in the green, led by Financials (2.14 percent) and Property (1.78 percent).
Among the most actively traded stocks, Metropolitan Bank and Trust Company, was the sole loser at -0.23 percent.