Manila: Bargain hunting on Wednesday lifted the local bourse’s main index for the third straight day, and the peso finished stronger against the US dollar, even touching the 57-level mid-trade. The Philippine Stock Exchange index (PSEi) rose 0.29 percent to 6,094.10 points, and the broader All Shares by 0.06 percent to 3,670.88 points.
According to Philippines News Agency, half of the sectoral indices also gained during the day, namely Mining and Oil, 1.15 percent; Services, 1.13 percent; and Financials, 0.69 percent. On the other hand, Property fell 0.87 percent; Holding Firms, 0.21 percent; and Industrial, 0.07 percent. Volume reached 2.58 billion, amounting to PHP7.89 billion. Decliners led advancers at 107 to 95, while 56 shares were unchanged.
‘The PSEi extended its gains in today’s session as market sentiment turned positive, supported by the PHP (Philippine peso) holding its ground against the greenback, nearing the 57 mark. Moreover, bargain hunting continued to be one of the key drivers of trading activity throughout the week,’ Luis Limlingan, Regina Capital Development Corporation head of sales, said. The peso finished the trade at 58.05, better than its 58.21 close Tuesday. Its strength showed early on after opening the day at 58.1 from 58.22 a day ago. It traded between 57.98 and 58.15, resulting in an average of 58.06. Volume rose to USD1.73 billion from Tuesday’s USD1.52 billion.