THE stock market rallied on Wednesday in line with its global peers, with analysts also pointing to window dressing as having helped buoy the index.
The Philippine Stock Exchange index (PSEi) grew 1.77 percent or 124.23 points to close at 7,140.29. All Shares rose by 1.41 percent or 60.66 points to finish at 4,370.46.
Diversified Securities Inc. trader Aniceto Pangan said in a mobile message that the local market grew in line with its overseas counterparts, coupled with the month-end window dressing, where fund managers rebalance clients’ portfolios before presenting these to them.
Wall Street’s three main indices closed up overnight—the Dow Jones grew by 1.77 percent; the S&P 500, 1.57 percent; and the Nasdaq, 1.58 percent.
In Asia, Tokyo jumped by 2.16 percent; Shanghai, 1.35 percent; Hong Kong, 1.60 percent, Seoul; 0.74 percent; Jakarta, 0.73 percent; Singapore, 1.76 percent; and Bangkok, 1.62 percent.
According to Philstocks Financial Inc. research associate Piper Chaucer Tan, market players also bought up in anticipation of more corporate earnings next week.
The market is closed on November 1 and 2 in observance of All Saints’ Day and All Souls’ Day, respectively. Trading resumes on November 5.
In Manila, all sectoral results closed in the green territory, with the industrial index up the most by 2.16 percent.
Volume turnover stood at 604 million issues valued at P7.26 billion.
Winners led losers, 100 to 84, while 45 issues were unchanged.