The 30-company Philippine Stock Exchange index (PSEi) returned to the 7,500 level, advancing 0.66 percent or 49.32 points to close at 7,505.48.
The broader All Shares index likewise joined the uptick, adding 0.42 percent or 18 points to 4,312.27.
“PSEi closed up higher despite the weaker performance of the US markets mostly on bargain hunting,” said Luis Limlingan, managing director at Regina Capital Development Corp.
“Investors were speculating lower before the Federal Reserve meets and euro area finance ministers discuss Greece’s debt crisis,” Limlingan added.
The local stock market went against the downtrend in most Asian bourses including Japan’s Nikkei, China’s Shanghai Composite Index and South Korea’s Kospi.
In the US, Wall Street indexes were in the red on Monday ahead of a US Federal Reserve meeting on June 16 and 17.
All local counters, meanwhile, ended in the green led by services firms which picked up 1.16 percent.
Market breadth stayed negative as decliners continued to edge out advancers, 85 to 77, while 55 stocks were unchanged.
Turnover value was flat from the previous day at P7.43 billion.
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source: www.abs-cbnnews.com
