The stock market bounced back yesterday after a disappointing start to the week as investors found positive leads abroad.

The Philippine Stock Exchange index climbed by 1.03 percent or 64.10 points to close at 6,292.39. Likewise, the broader All Shares index rose by 0.78 percent or 25.81 points to settle at 3,353.46.

'Philippine shares rebounded along with US equities, which opened the week with modest gains ahead of the release of the CPI report on Tuesday. Additionally, the Fed's final meeting for 2023 will kick off as well on Dec. 12,' Regina Capital's Luis Limlingan said.

In a report, Philstocks Research said the local market climbed as investors took positive cues from Wall Street overnight amid expectations that the US inflation has further slowed down in November.

Further, it said the anticipation that both the Federal Reserve and the Bangko Sentral ng Pilipinas will be holding key policy rates amid cooling inflation in the US and at home contributed to the market's ascent.

Philstocks said foreigners were net buyers yesterday with net inflows amounting to P158.14 million.

Local counters were all in the green, led by financials with a 1.54-percent gain.

Market breadth was positive as advancers crushed decliners, 97 to 61, while 55 stocks were unchanged.

Across the region, markets opened higher following a positive close on Wall Street. Investors are eagerly awaiting a crucial US inflation report later in the day, which will likely set the tone for the Federal Reserve's final meeting of the year on Wednesday.

Tokyo's Nikkei 225 added 0.5 percent to 32,843.70. Data released on Tuesday showed the wholesale prices in Japan rose by 0.3 percent from the previous year in November, which marked the slowest rate of increase in almost three years, suggesting a moderation in inflationary pressure in the economy.

Hong Kong's Hang Seng gained 1.1 percent to 16,374.50, and the Shanghai Composite edged 0.1 percent higher to 2,993.65.

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