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Local stocks bounce back, brush aside US ratings downgrade

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The PSE index, the 30-company barometer of the Philippine Stock Exchange, climbed 93.48 points, or 1.44 percent, to close at 6,576.76, while the broader all-shares index advanced 35.63 points to 3,499.49. READ MORE:

Stocks bounced back Thursday after Wednesday’s sell-off as bargain hunters cautiously picked up shares with promising earnings.

Colet said investors also took advantage of the recent sell-off to buy shares that reported or were expected to report positive first-half results. The ratings agency’s decision to lower Washington’s gold-plated AAA classification rattled markets, fueling a race out of riskier assets, though analysts said there was unlikely to be much long-term impact from the move.

That jolted optimism that the Fed might have announced its last rate hike in July, as a string of recent reports showed inflation continuing to fall and parts of the economy appearing to slow.

 

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