SHARE prices closed higher Wednesday as bargain hunters took positive cues from a steady July inflation reading in the United States.
The benchmark PSEi gained 35.24 points, or 0.56 percent, to 6,325.09. The broader All Shares rose 13.37 points, or 0.36 percent, to 3,764.64.
Luis Limlingan, managing director at Regina Capital Development Corp., said sentiment improved after the US inflation rate held steady. “This could influence the Fed’s monetary policy and overall investor sentiment in the country,” he said.
Gainers outnumbered losers, 103 to 91, with 58 unchanged. Trading value reached P10.61 billion from 83,220 transactions involving 893.55 million shares.
Foreign investors were net buyers of P973.04 million, with total purchases of P6.22 billion against P5.25 billion in sales.
“The local market extended its rise on the back of positive cues from Wall Street,” Japhet Tantiangco, research manager at Philstocks Financial Inc., said.
“This comes as the US July inflation rate came in at 2.7 percent, unchanged from the prior month and below expectations,” he added.
