Manila: Investors sought out shares with lower valuations on Wednesday, driving an increase in the Philippine Stock Exchange index (PSEi). The peso, however, concluded the day with minimal changes against the US dollar.

According to Philippines News Agency, the PSEi rose by 0.99 percent, reaching 5,813.71 points, while the broader All Shares index increased by 0.63 percent to 3,251.84 points. Most sectoral indices saw gains, led by Financials, which increased by 1.78 percent. Industrial followed with a rise of 1.55 percent, Holding Firms by 1.14 percent, Property by 0.43 percent, and Services by 0.08 percent. The only sector that declined was Mining and Oil, which slipped by 0.48 percent.

Luis Limlingan, head of sales at Regina Capital Development Corporation, noted that the local bourse’s gains were still driven by bargain hunting. He mentioned that investor sentiment was bolstered by the Bangko Sentral ng Pilipinas signaling a possible rate cut by the end of the year, which continued to support buying activity in the session.

On the currency front, the local currency concluded trading at 58.98, slightly down from the previous day’s 58.93. The peso opened the day at 59.00 and fluctuated between 59.08 and 58.88, with an average rate for the day at 58.97. Trade volume increased to USD1.46 billion from the previous day’s USD1.32 billion.