Market closes higher for 3rd straight session in Philippines

PHOTO

The stock market continued its winning ways as bargain hunters dominated the session for a third straight day.

The Philippine Stock Exchange index inched up by 0.22 percent or 14.06 points to extend its winning streak to three after closing at 6,313.11.

Also ending in the green was the broader All Shares index, which added 0.28 percent or 9.49 points to settle at 3,450.58.

'Local shares closed slightly above the 6,300 level as bargain hunting continued before the semester end. This patterned the mixed performance of US equities,' Regina Capital's Luis Limlingan said.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local bourse continued with its climb as bargain hunting prevailed, leading to a positive close.

'However, many are still cautious ahead of the Bangko Sentral ng Pilipinas' policy meeting this Thursday,' he said.

As a result, Plopenio said net market value turnover yesterday was tepid at P4.78 billion, lower than the year-to-date average of P5.03 billion.

Those in the green dominated the sectors as only holding firms as well as mining and oil posted losses during the session at 0.64 percent and 0.12 percent, respectively.

Services led the charge with an increase of 0.86 percent, followed by industrial with a 0.63 percent hike.

Market breadth was negative as decliners edged out advancers, 90 to 85, while 69 issues were unchanged.

Aboitiz Equity Ventures gained the most among index members with an increase of 3.74 percent while Bloomberry Resorts had the biggest drop at 5.39 percent.

Meanwhile, the peso closed at 58.86 to $1 yesterday declining by nine centavos from Tuesday's 58.77 to $1 finish.

This was the local currency's weakest finish in more than 20 months or since its 58.87-a-dollar close on Oct. 24, 2022.