PSEi up on bargain-hunting, firmer peso

The Philippine Stock Exchange Index (PSEi) posted modest gains on Wednesday as investors picked up cheap stocks, with the slight strengthening of the peso lifting market sentiment.

The PSEi added 0.39 percent or 23.34 points to finish at 6,079.02 — its fourth-straight trading day above the 6,000 mark.

The broader All Shares also edged higher by 0.21 percent or 7.19 points to 3,459.45.

Only the property sector saw a decline, reaching 1.3 percent. Services, on the other hand, led the winners.

“The Philippine market rose as market players took advantage of bargain prices following yesterday’s decline,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Good signal

“The peso’s appreciation against the US dollar also supported the market,” Limlingan added.

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Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said maintaining the 6,000 level provides a “good signal for the local financial markets, especially if above 6,000 is sustained.”

China Banking Corp. was the top index performer, climbing 4.27 percent. DigiPlus Interactive Corp. saw a fresh drop at 4.1 percent.

The market closed with 97 advancers and 88 decliners, with 59 names unchanged.