The Philippine index managed to rebound on Wednesday due to late day buying despite trading in the red for most parts of the day. The market opened at 6,875.16 and fell to a day low of 6,771.76 before closing at its high. Philstocks Financial Inc. senior research analyst Japhet Tantiangco said the local bourse ended with gains on the back of last minute bargain hunting. Managing Director Luis Limlingan said investors turned to the local shares as "fund managers stayed away from US equities, which fell in an interest rate induced sell-off." Meanwhile, onshore trading remained strong as net value turnover stood at P9.41 billion, better than the year-to-date average of P7.16 billion.

Source: Manila Times September 29, 2021 13:52 UTC