PSEi rebounds on Wall Street gains, Q1 earnings

Tracking gains overnight on Wall Street and first quarter earnings from home-grown companies, Philippine share prices rebounded Thursday.

 

The bellwether PSEi was up 32.56 points or 0.48 percent to 6,781.07 as of 10:27 a.m. The broader All Shares index advanced by 18.23 points or 0.45 percent to 4,083.46.

 

"We followed the Dow and S&P, which were up last night," Elizabeth Abadillo, analyst at Angping & Associates Securities Inc., told GMA New Online.

 

Overnight, the Dow Jones industrial average and the Standard & Poor's 500 Index were up as the Federal Reserve signaled a policy that continues to support the world's biggest economy, Reuters reported.

 

Also keeping the market buoyant are corporate earnings, Abadillo said.

 

"The market is showing some strength, and may breach the 6,800 level," she said. – VS, GMA News