By Komfie Manalo
Bargain hunters took cue from Wall Street and lifted the local stock market, with the Philippine Stock Exchange index (PSEi) gaining 91.07 points to 6,450.03, while the broader All Shares also increased by 32.46 points to 3,495.13.
"The local market rose by 91.07 points (1.43 percent) to 6,450.03 as investors hunted for bargains after a two-day decline. Positive cues from Wall Street also fueled this Wednesday's climb with the bourse joining its neighboring peers in the green territory at the session's close," Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
Plopenio said inflows from foreign funds boosted the market as foreigners were net buyers, with net inflows amounting to PHP22.09 million.
Except for the Miners, which declined by -0.97 percent, all sectors were in the green. Banks climbed 1.56 percent, followed by Services, which went up 1.41 percent.
Gainers edged losers 94 to 83.
The peso, meanwhile, moved sideways, closing at 58.72 to the US dollar, down from 58.79 on Tuesday.
It opened the day at 58.77 and traded between 58.72 and 58.83, bringing the day's average to 58.786.
The trade volume fell to $779.72 million from Tuesday's $915.13 million.
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