PH stocks climb on bargain hunting, track Wall St. rally

Philippine stocks bounced back to the 6,500 level after Wall Street snapped its three-day losing streak.

Analysts said, however, investors remained cautious amid concerns of elevated interest rates, higher interest rate and US recession. And Asia extended the rally Wednesday, with Bank of Japan deputy governor Shinichi Uchida helping to soothe anxiety in a dovish speech in which he said officials would maintain their ultra-loose policies while there were ructions in markets.

Investors had been sent scurrying after data released on Friday showed that the US economy created far fewer jobs than expected in July, fanning recession fears.

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