MANILA – The Philippine Stock Exchange Index (PSEi) advanced Wednesday as investors took advantage of bargain opportunities, while the Philippine peso weakened amid ongoing global uncertainties, particularly in the Middle East.
The benchmark index added 0.52 percent to close at 6,158.33 points, and the broader All Shares index rose 0.60 percent to 3,428.03.
Most sectors recorded gains, with Mining and Oil surging 4.66 percent, Services up 2.37 percent, Industrial rising 1.28 percent, and Property edging up 0.24 percent. Meanwhile, Holding Firms fell 0.79 percent, and Financials dropped 0.43 percent.
Total trading reached 1.37 billion shares valued at PHP7.95 billion. There were 131 advancing stocks versus 66 decliners, while 57 shares remained unchanged.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the market’s upward move was fueled by investors snapping up bargains after recent dips, alongside a modestly improved Wall Street sentiment.
“Despite the positive momentum, investors remain cautious as global uncertainties continue to temper market enthusiasm,” Limlingan added.
The peso closed at 59.17 against the US dollar, retreating from Wednesday’s previous close of 58.89. It traded between 58.77 and 59.17, opening at 58.88, with an average rate of 58.91. Dollar turnover also rose slightly to USD2.06 billion from USD2.03 billion.
elamigo/xf
