PSEi recovers from huge losses in stunning rally past 7,000

The Philippine Stock Exchange index (PSEi) whipsawed back above 7,000 on Wednesday as bulls charged into the market, erasing most losses so far this week.

The benchmark measure jumped 3.57 percent, or 242.51 points, to 7,035.76 while the broader All Shares index added 2.7 percent, or 96.77 points, to 3,687.17.

Stocks bounced from a more than 250-point drop recorded in the past two sessions. The selldown early this week was triggered by profit taking ahead of the influential US Federal Reserve’s interest rate setting meeting.

“On Wednesday, the Federal Reserve will announce how much it is increasing interest rates in its latest effort to tame high inflation,” Luis Gerardo Limling…

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