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Philippine shares rebound 1 percent after 2 days of steep loss

Philippine shares rebound 1 percent after 2 days of steep loss

Philippine shares rebounded Tuesday after two days of steep losses triggered by a Wall Street sell-off as investors quickly cashed in on modest gains amid a volatile outlook in the global equities market.
The 30-company Philippine Stock Exchange Index rose 33.74 points, or 1 percent, at 3,501.20, after dropping 5.3 percent over the last two sessions.
"The market is in a path wherein investors are trying to find where the support level is," said DA Market Securities President Nestor Aguila.
"The bounce in the U.S. market and the oversold position of Philippine stocks triggered the technical recovery. However, investors remain cautious," he said.
Conglomerate Ayala Land Inc. surged 4.6 percent at 17 pesos, property developer Megaworld Corp. jumped 4.1 percent at 3.85 pesos, and Metropolitan Bank & Trust Co. gained 1.7 percent at 61.50 pesos.
Decliners outnumbered gainers 62 to 48, while 54 stocks were unchanged.


Updated : 2021-10-17 07:37 GMT+08:00