Manila: Buying spree for cheap shares following the recent slide of the Philippine Stock Exchange index (PSEi) boosted the main gauge further on Thursday, while the peso gained against the U.S. dollar a day after dipping to its record-low level. The local bourse’s main index rose 0.23 percent to 5,726.99 points, but the broader All Shares declined by 2.81 percent to 3,400.68 points.

According to Philippines News Agency, the local market extended its gains as the end of the US government’s shutdown with the signing of the funding bill compelled investors to do more bargain hunting, as reported by Philstocks Financial, Inc. Most of the sectoral gauges tracked the main index, with Services posting the highest jump at 2.18 percent. Mining and Oil followed with an increase of 1.62 percent, along with Property, 1.03 percent, and Industrial, 0.61 percent. On the other hand, Financials went down 1.13 percent and Holding Firms, 1.11 percent.

Volume reached 824.25 million shares amounting to nearly PHP6.5 billion. Gainers led losers at 95 to 82, while 51 shares were unchanged. The positive close of the PSEi was mirrored by the local currency after closing the day at 59.00 from its 59.17 finish a day ago. The peso opened the day weaker at 59.13, from the day-ago’s 58.95. It managed to strengthen to as much as 58.99, but also fell to 59.19, bringing the day’s average to 59.11. Volume reached USD1.42 billion, lower than the previous session’s USD1.72 billion.