PSEi up over 2%, rebounds to 7,100
The stock market returned to the 7,100 level on Wednesday, bucking declines elsewhere in the region in a showing attributed to bargain-hunting and quarter-end window dressing.
The benchmark Philippine Stock Exchange index (PSEi) jumped by 2.42 percent or 169.22 points to end the day at 7,176.43. The broader All Shares rose 1.62 percent or 69.99 points to finish at 4,379.30.
Timson Securities, Inc. trader Jervin de Celis said investors went on a buying spree following an eight-day drop, which saw the PSEi falling to the 6,900 level, that was only snapped on Tuesday.
“We can also attribute this to window dressing for the second quarter of the year,” he added.
Luis Limlingan, managing director at Regina Capital Development Corp. also pointed to fund managers moving to improve their portfolios.
Slight gains on Wall Street also contributed, he added.
The Dow Jones, S&P 500 and Nasdaq rose by 0.12 percent, 0.22 percent and 0.39 percent, respectively, on Tuesday.
Summit Securities, Inc. President Harry Liu, meanwhile, said: “Right now, as long as the economic fundamentals are stabilizing and there is a looking-forward activity, then it (the market) will rally”.
“Peso-dollar [exchange rate]is steady at this level. [Higher] interest rates have already been implemented. So it’s
just looking for the company performances in the next few months,” he added.
All sectoral indices were up on Wednesday, led by a 3.73-percent gain for property firms.
Volume turnover was at 675 million issues valued at P6.5 billion.
Winners totaled 102, outnumbering the 95 losers, while 43 stocks remained unchanged.
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