MANILA – The Philippine Stock Exchange Index (PSEi) continued its upward momentum for the third straight day, driven by bargain hunters capitalizing on market opportunities, while the peso remained relatively stable during mid-week trading.
The PSEi closed at 6,313.11 on Wednesday (26 June 2024), marking a 0.22% increase from the previous day’s trading session.
The broader All Shares index also saw an uptick, rising by 0.28% to 3,450.58.
Among the sectoral indices, Holding Firms and Mining and Oil were the only ones to end in negative territory, with declines of 0.64% and 0.12%, respectively.
The day’s winners included:
Services: up by 0.86%
Industrial: up by 0.63%
Property: up by 0.22%
Financials: up by 0.15%
“Local shares ended slightly above the 6,300 level, buoyed by ongoing bargain hunting ahead of the semester’s end. This reflected the mixed performance observed in US equities,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
Market sentiment saw 90 decliners, surpassing the 85 advancers, with 69 stocks remaining unchanged.
Meanwhile, the peso closed at 58.86 against the US dollar, marginally down by 0.09 from the previous day’s closing rate of 58.77 per dollar.
The local currency opened at 58.82, weaker than the previous session’s start at 58.73. It traded within a range of 58.77 to 58.88, averaging 58.82 for the day.
The volume of trade decreased to USD 720.25 million from the previous week’s USD 814.1 million.
(el Amigo/mnm/With reports from PNA)
