Manila: Bargain hunting helped the local bourse rebound on Wednesday while the peso continued to move sideways against the US dollar.
According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) rose 0.45 percent to 6,313.12 points, along with All Shares, which increased by 0.71 percent to 3,749.35. Philstock Financials research manager Japhet Tantiangco noted that the local market bounced back as investors hunted for bargains supported by appreciation for corporate fundamentals.
Four sectors closed in the green with the highest gains from Financials, up 1.35 percent. Industrial inched up by 1 percent, along with Property, 0.41 percent, and Holding Firms, 0.01 percent. However, Mining and Oil, as well as Services, declined by 1.26 and 0.81 percent, respectively. Gainers led losers at 93 to 88, leaving 63 unchanged.
Meanwhile, the peso closed flat at 57.30 to the US dollar. It opened at 57.25 and traded between 57.17 and 57.32 to the greenback, averaging 57.24. Trade volume increased to USD1.72 billion from USD1.11 billion on Tuesday.
