Stocks rebound on bargain hunting before Fed

PHILIPPINE SHARES rebounded on Tuesday as investors picked up cheap stocks after the market’s drop, although the mood remained cautious as the US Federal Reserve was set to begin its two-day meeting overnight.

- Alexandria Grace C. Magno with Reuters

The Philippine Stock Exchange index (PSEi) jumped by 1.5% or 91.31 points to close at 6,148.74, while the broader all shares index rose by 0.97% or 35.63 points to end at 3,706.20.

“After the market closed in the red yesterday (Monday), buyers took control of today’s session as bargain hunting persisted. However, firm catalysts are still needed to determine whether this marks the beginning of a true market recovery,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.