The benchmark Philippine Stock Exchange Index (PSEi) pushed higher on Wednesday due to aggressive buying from local investors.
By the closing bell, the PSEi jumped 2.33 percent, or 144.53 points, to 6,341.24 while the broader all-shares index rose 1.68 percent, or 64.61 points, to 3,899.39.
The rally on Wednesday mystified traders earlier in the session, with some anticipating that foreign buyers had returned in force.
But data from the PSE showed that foreigners remained net sellers to the tune of P6.5 billion.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said the stock market was also propped up by “early window dressing for May.”
He said inve…
Keep on reading: Local—not foreign—investors rally PSEi in remarkable trade