The PSE index, the 30-company benchmark, added 49 points, or 0.8 percent, to close at 6,121,53 as four of the six subsectors advanced, led by services and holdings firms.
Meanwhile, the peso sustained its rebound as it closed at 58.43 against the US dollar on trading volume of $845.50 billion, up from 58.78 on Tuesday.Most Asian markets also ended higher. Hong Kong and Shanghai enjoyed a much-needed advance after China’s central bank and forex officials pledged support for the country’s equities, bonds and yuan, helping investors bounce back from Monday’s rout.
While a similar move is expected next month, there are flickers of hope that the pace could slow in December or next year. CMC Markets analyst Michael Hewson added: “There appears to be an increasing belief that a Fed pause is close.”