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The Philippine Stock Exchange index gained 18.02 points, or 0.27 percent, to close at 4,479.13 Wednesday, driven by last-minute bargain hunting.
Philstocks Financial Inc. research analyst Claire Alviar said the market took positive cues from Wall Street and anticipation of strong second-quarter corporate earnings.
“The sentiment was further boosted as the IMF [International Monetary Fund] upwardly revised its economic growth forecast for the year from 6 percent to 6.2 percent on the back of strong domestic demand,” Alviar said.
Trading value remained thin at P3.8 billion as investors continued to focus on the US Federal Reserve’s upcoming interest rate decision.