PHL shares open higher on technical rebound

After a two-day slide, Philippine shares opened higher on Wednesday on a technical rebound as investors are on bargain-hunting mode.

The benchmark PSEi added 28.26 points or 0.42 percent to 6,701.73 as of 10:11 a.m.

"The market is higher by 17 points [at early trades]. We're seeing a technical rebound for today since Wall Street was lower," Abbygayle M. Estrella, analyst at Ab Capital Securities Inc., told GMA News Online.

The bellwether PSEi dived 3.68 percent on Monday while it slipped by 1.33 percent on Tuesday on news of a possible cut in the US Federal Reserve's bond buying program this year

Justino Calaycay, analyst at Accord Capital Equities Corp., said in this daily report that "the magnitude of the two-day slide in Philippine equities raises the possibility of a technical bounce as investors focus energies on bargain hunting."

According to Reuters, stocks on world markets and the dollar gained on Tuesday, though Wall Street fell, as expectations remained intact that the Federal Reserve will maintain its stimulus program to bolster the nascent U.S. economic recovery.

The Dow Jones industrial average was down 108.36 points, or 0.71 percent, at 15,145.67. The Standard & Poor's 500 Index was down 11.48 points, or 0.70 percent, at 1,628.94. The Nasdaq Composite Index was down 22.22 points, or 0.64 percent, at 3,443.15.

"Judging from the opening, we're only marginally higher [so] we will slightly be higher for today," Estrella said. - VVP, GMA News