Share prices ended up Wednesday on bargain- hunting.
The Philippine Stock Exchange index (PSEi) was up 40.28 points to 6,835.41, a 0.59 percent hike.
The broader all shares index was up 11.72 points to 4,227.48, a 0.28 percent hike.
Losers edged gainers 117 to 70 with 58 stocks unchanged.
Trading turnover reached P4.37 billion.
The peso closed at 50.30 to the dollar, down from 50 on Tuesday.
The currency opened at 50.05, an intraday high and hit a low of 50.33. Trading turnover reached $1.17 billion.
“Philippine stocks bucked regional weakness on Wednesday to rebound moderately from Tuesday’s plunge following strong May OF (overseas Filipinos) remittance data though sentiment remained largely cautious following Fitch’s rating outlook downgrade and US CPI inflation jumping the most in 13 years,” said stockbroker SB Equities Inc.
“Following the PSEi closing sharply on its day lows in the previous session, bargain hunting on select blue- chips saw it open higher but trade predominantly sideways before a late market on close buy-up helped it level off on the day high,” it added.
Most actively traded Ayala Land Inc. was down P0.20 to P35.45. LT Group Inc. was down P0.44 to P11. AC Energy Corp. was down P0.01 to P8.79. International Container Terminal Services Inc. was up P1.50 to P167. DMCI Holdings Inc. was down P0.01 to P6.38. BDO Unibank Inc. was up P0.50 to P111.20. Converge Information and Communication Technology Solutions Inc. was up P0.40 to P24. Monde Nissin Corp. was down P0.30 to P16.34. SM Prime Holdings Inc. was down P0.25 to P35.20. PLDT Inc. was down P18 to P1,272.
