PHL stocks bounce back to 6,800 on Wall Street rally

By Leslie D. Venzon

MANILA, Dec. 16 (PNA) — Philippine shares bounced back to the 6,800-territory on thin volume Wednesday, buoyed by Wall Street’s rally, despite expectations of higher interest rates by the United States (US) Federal Reserve.

The barometer Philippine Stock Exchange index (PSEi) surged on thin volume 106.37 points, or 1.59 percent to 6,807.72 from previous day’s 6,701.35 close.

”After Wall St. ended on an upbeat note overnight, the PSEi rallied from the open and sustained its momentum until the close, despite expectations of a lift-off announcement in US interest rates tonight,” said brokerage RCBC Securities Inc.

The positive sentiment was also seen across the region, with Japan’s Nikkei 225 surging 2.6 percent, Hong Kong’s Hang Seng index advancing 2.06 percent and Shanghai’s composite index gaining 0.16 percent.

All counters ended in the green, with the market’s rally led by property sector that increased 2.20 percent.

A total of 612.57 million shares valued at Php5.82 billion changed hands.

Advancers outpaced decliners, 94 to 61, while 39 issues unchanged. (PNA)