MANILA – Improved investor sentiment and bargain hunting following recent losses pushed the Philippine Stock Exchange index (PSEi) higher on Thursday, while the peso strengthened against the U.S. dollar.
The benchmark PSEi climbed 1.08 percent to close at 6,398.60, while the broader All Shares index gained 0.62 percent to 3,619.00.
Most sectoral indices ended in positive territory, led by Holding Firms, which rose 1.27 percent. Financials advanced 1.02 percent, Services increased by 0.96 percent, Industrials added 0.89 percent, and Property went up 0.58 percent.
Mining and Oil was the lone laggard, slipping by 1.82 percent.
Trading activity reached nearly 799.89 million shares, with a total value turnover of PHP6.6 billion. Market breadth was positive, with 116 gainers edging out 82 losers, while 61 stocks finished unchanged.
Luis Limlingan, head of sales at Regina Capital Development Corporation, said the rebound followed four straight sessions of decline, as worries over global uncertainty and trade tensions began to ease.
“Improved market sentiment encouraged investors to go bargain hunting, providing support to the index after several days of losses,” he said.
Meanwhile, the peso extended its gains against the dollar, closing at 59.16 from 59.26 in the previous session.
The local currency opened stronger at 59.18, compared to Wednesday’s 59.39, and moved within the 59.08 to 59.23 range during the day. The average exchange rate settled at 59.16.
Foreign exchange trading volume declined to USD1.37 billion, down from USD1.56 billion recorded the day before.
