PSEi up 1.34% in morning trade on heels of Wall Street rally

Philippine share prices climb early on Wednesday, as market players bought into select stocks after the New Year holidays on the heels of a rally overnight on Wall Street.

As of 10:35 a.m., the main PSEi was up 95.09 points or 1.39 percent at 6,956.40. The broader All Shares climbed 45.84 points or 1.10 percent to 4,212.40.

Reuters reported on Wednesday Wall Street opened 2017 with a rally, the Dow closing up by 0.6 percent, the S&P 500 by 0.85 percent, and the Nasdaq 0.85 percent after the release of "upbeat" global economic data.

"The brightening mood followed upbeat factory surveys from China, the euro zone and United States. Analysts at Barclays said their measure of global manufacturing confidence hit its highest since December 2013," it said.

"US factory activity accelerated to a two-year high amid a surge in new orders, while manufacturing in the euro zone grew at its fastest pace in five years," it added.

"I think foreign funds have sold already last year so there's not much overhang anymore," Miko A. Sayo, trader at AP Securities Inc., told GMA News Online.

"The market has realized that there's not much overhang so they're starting to get aggressive. The market is starting to buy already," Sayo noted.

Share prices recouped strength on Tuesday, the first trading day of the year, to close up by 0.30 percent at 6,861.31 on the back of last-minute bargain hunting. — VS, GMA News