Stocks rose Wednesday as investors positioned ahead of the Bangko Sentral ng Pilipinas’ policy-setting meeting on Aug 17.
The Philippine Stock Exchange index jumped 74.18 points, or 1.17 percent, to close at 6,410.09, while the broader all-shares index rose 25.54 points to 3,426.41.
“The local market bucked the negative performance of most Asian stock indices and brushed aside jitters on Chinese economy and the direction of US monetary policy,” China Bank Capital managing director Juan Paolo Colet said.
Colet said, however, the uptick in the market was mostly a technical rebound, and investors should still be wary about possible selloff.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued growth in overseas Filipino remittances and rise in vehicle sales also boosted the market.