The bulls staged a strong rebound on Tuesday, helping the Philippine benchmark index recover from the prior session’s sharp losses to finish higher by 1.48 percent to 7,380.32.
Gross inflows for the month stood at $1.37 billion, with 51.2 percent of these investments going to securities listed on the Philippine Stock Exchange. The remaining 48.8 percent were directed toward peso-denominated government securities.
The Philippine Stock Exchange (PSE) is working on new rules that will allow investors in the Philippines to own foreign stocks through products known as Global Philippine Depositary Receipts, or GPDRs.
The Philippine Stock Exchange index saw its biggest pullback since entering bull market territory last week, dropping 2.1 percent to 7,272.65 as investors booked profits ahead of the release of inflation data.
The Philippine stock market soared to its highest level in 30 months, bolstered by a reserve requirement ratio cut from the Bangko Sentral ng Pilipinas (BSP), which lifted major banking stocks.