MANILA – The local bourse recovered on Wednesday after two consecutive days of decline, while the peso moved sideways.
The Philippine Stock Exchange index (PSEi) gained 91.07 points to 6,450.03, while the broader All Shares also increased by 32.46 points to 3,495.13.
"The local market rose by 91.07 points (1.43 percent) to 6,450.03 as investors hunted for bargains after a two-day decline. Positive cues from Wall Street also fueled this Wednesday’s climb with the bourse joining its neighboring peers in the green territory at the session's close," Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
Plopenio said inflows from foreign funds gave the market a boost as foreigners were net buyers, with net inflows amounting to PHP22.09 million.
Except for the Miners, which declined by -0.97 percent, all sectors were in the green, led by the Banks, which climbed 1.56 percent, followed by Services, which went up by 1.41 percent.
Gainers edged losers 94 to 83.
The peso, meanwhile, moved sideways, closing at 58.72 to the US dollar from its 58.79 finish on Tuesday.
It opened the day at 58.77 and traded between 58.72 and 58.83, bringing the day’s average to 58.786.
Volume of trade fell to USD779.72 million from Tuesday's USD915.13 million. (PNA)
