PSEi claws its way back to 6,000 territory
Philippine shares got a lift on Wednesday as investors picked up cheap stocks, with a slightly stronger peso and the anticipation of a rate slash also boosting market sentiment.
The Philippine Stock Exchange Index inched up by 0.48 percent, or 28.53 points, to finish at 6,004.70.
The broader All Shares Index, on the other hand, declined by 0.79 percent, or 28.17 points, to 3,546.65.
Only the holding firms logged losses among the major sectors.
Property, the industry seen to gain from cheaper lending costs, added 1.31 percent.
Trading on Wednesday remained active, with net value turnover at P7.69 billion.
“The local market bounced back as investors hunted for bargains. Rate cut hopes for the Bangko Sentral ng Pilipinas and the Federal Reserve in their December meeting were seen as the main reason for the positive sentiment today,” according to Philstocks financial research manager Japhet Tantiangco.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said the local currency’s performance on Wednesday provided additional support.
“The Philippine peso also held its ground against the greenback, helping support overall sentiment,” he said in a separate message.
The bourse ended with 89 advancers, 89 decliners and 66 unchanged stocks.
