Bargain-hunting snapped the seven-day losing streak of the local bourse on Wednesday, pushing the Philippine Stock Exchange index (PSEi) back to the 6,000 mark.
The PSEi rose 1.22 percent to 6,026.03 points, while the All Shares gained 0.93 percent to 3,654.62 points.
All sectoral indices advanced, led by Mining and Oil (+3.19%), followed by Services (+1.92%), Industrial (+1.19%), Property (+1.08%), Financials (+0.94%), and Holding Firms (+0.61%).
Market activity showed 2.46 billion shares traded, valued at PHP6.8 billion, with gainers (99) outpacing losers (87), while 50 remained unchanged.
“Investors seized the opportunity to accumulate stocks at cheaper levels after the sharp declines over the past week. However, the market still needs stronger catalysts for a sustainable reversal of the prevailing downtrend,” said Luis Limlingan, head of sales at Regina Capital Development Corporation.
Meanwhile, the peso ended sideways against the US dollar at 58.12, slightly stronger than Tuesday’s 58.19 close. It opened at 58.40, dipped to a low of 58.40, and strengthened to 58.08 intraday, averaging 58.22.
Dollar trading volume increased to USD1.72 billion, up from USD1.69 billion the previous day.