MANILA – The main equities index rose anew on Wednesday on bargain hunting while the peso mirrored the gains after several days of depreciation.
The Philippine Stock Exchange index (PSEi) gained 0.59 percent, or 44.25 points, to 7,502.48 points.
All Shares increased by 0.57 percent, or 22.40 points, to 3,951.58 points.
The majority of the sectoral gauges tracked the main index with Property rising by 2.35 percent; Services, 1.31 percent; Mining and Oil, 0.49 percent; Industrial, 0.35 percent; and Financials, 0.20 percent.
Only Holding firms shed during the day after it fell 0.53 percent.
Volume totaled 975.43 million shares amounting to PHP8.41 billion.
Gainers led losers at 112 to 89, while 58 shares were unchanged.
“Philippine shares rode on the rebound of Wall Street as investors continued to bargain hunt ahead of Thursday’s key CPI (consumer price index) report,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Limlingan also cited another rise in US Treasury yields, with the benchmark 10-year tenor posting its highest since November 2019 to 1.97 percent.
“On the other hand, local investors pushed the PSEi slightly above 7,500 on the possibility of having Metro Manila under Alert Level 1 by March,” he said.
Meanwhile, the peso gained against the US dollar after finishing the trade at 51.34 from 51.5 on Tuesday.
It opened the day at 51.43 and traded between 51.445 and 51.32.
The average level for the day stood at 51.377.
Volume declined to USD992.1 million from the previous session’s USD1.005 billion. (PNA)
