Shares rise on bargain-hunting before Fed move

PHILIPPINE STOCKS closed higher on Tuesday as players picked up cheap stocks following the market's two-day slide, but sentiment remained cautious before the US Federal Reserve's policy decision.

- Alexandria Grace C. Magno with Reuters

The benchmark Philippine Stock Exchange index (PSEi) went up by 0.32% or 19.40 points to close at 5,953.16, while the broader all shares index rose by 0.21% or 7.78 points to 3,589.51.

"The Philippine market ended higher, driven by bargain-hunting after two consecutive days of strong selling. Investors remained cautious, closely monitoring upcoming earnings reports and the anticipated next move by the US Federal Reserve, which could influence market direction," Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.