PSEi extends gains amid bargain hunting

Philippine stocks inched higher on Wednesday as investors continued to hunt for bargains, with foreign buying helping the market extend its gains.

The benchmark Philippine Stock Exchange Index (PSEi) rose 0.17 percent, or 10.54 points, to close at 6,116.53.

Foreign investors provided some support, ending the session as net buyers with inflows of P219.10 million.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi closed slightly higher as trading remained cautious, with investors continuing to focus on selected index heavyweights.

“Market sentiment also improved as the Philippine peso showed some relief against the US dollar,” Limlingan said.

“Nevertheless, upside remained limited as investors maintained a selective approach amid prevailing economic uncertainties,” he added.

Trading remained tepid, with net value turnover reaching P5.63 billion.

Many investors stayed on the sidelines amid lingering uncertainties over the situation in the Middle East and the domestic economic outlook.

The broader market also remained weak despite the PSEi’s gain. Decliners outnumbered advancers, 106 to 88.

Sectoral indices ended mixed. Services led the gainers with a 1.59-percent advance, while holding firms fell the most, shedding 1.29 percent.

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Globe Telecom Inc. was the session’s top performer, climbing 3.1 percent to P1,632.

Acen Corp. was the biggest index laggard, dropping 4.09 percent to P2.58.

Analysts said the PSEi’s latest advance came as bargain hunters continued to pick up shares following the market’s recent weakness.

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