Sumary of Stocks rally on last-minute buying:
- LATE-DAY buying prompted Philippine shares to return to the green on Tuesday.
- The local stock barometer Philippine Stock Exchange index added 0.34 percent or 25.05 points to its intraday high of 7,367.42 while the broader All Shares climbed 0.26 percent or 10.14 points to close at 3,961.67.Claire Alviar, Philstocks Financial Inc. research associate, said last-minute bargain hunting enabled the local bourse to rebound.
- Alviar added that the sentiment was also boosted by the higher print of the overseas remittances data.
- Managing Director Luis Limlingan said the main index inched up as the “US Treasury yields reversed and climbed higher and investors awaited quarterly reports from big retailers later in the week.
- Foreign funds, on the other hand, flowed in the market as net foreign buying amounted to P863.03 million.