Philippine shares tracked the gains made overnight on Wall Street to close higher on Wednesday as investors combed the market for bargains.
“Philippine shares tracked US performance as investors’ risk appetite renewed on tariff pause,” said Luis Limlingan, the managing director from Regina Capital and Development Corp.
Limlingan said Wall Street closed in the green after President Donald Trump postponed the 50 percent tariff on the European Union announced on Monday.
The PSEi rose 0.64 percent or 41.18 points to 6,425.8.
The broader All Shares gained 0.47 percent or 17.56 points to 3,753.1.
Gainers outnumbered losers 118 to 80 with 48 stocks unchanged. Trading value reached P6.3 billion.
Stock Brokerage Philstocks Financial Inc. said investors went for bargains after two successive trading days of declines.
All sectors closed in positive territory, with banking adding 1.46 percent and gaining the most, it said.
SB Equities Inc. noted the PSEi clocked in higher at the opening session, before paring some gains at the close.
It was spurred by “improved market liquidity and resumption of net foreign buying,” it said.
Foreign funds were net buyers at P687.36 million, after buying P3.3 billion worth of shares and selling P2.62 billion, market data show.
Foreign funds accounted for 2.38 percent of Wednesday’s trade.
Most actively traded International Container Terminal Services Inc. gained P5.40 to P410.20. BDO Unibank Inc. rose P3.50 to P164.10. Bloomberry Resorts Corp. increased by P0.05 to P4.65. Ayala Land Inc. went up P0.15 to P24. Bank of the Philippine Islands rose P0.90 to P139. Ayala Corp. shed P8.50 to P575.50. SM Prime Holdings Inc. lost P0.05 to P22.95. JG Summit Holdings Inc. increased by P0.50 to P21.80. Jollibee Foods Corp. lost P1.60 to P238.60. SM Investments Corp. rose P1 to P851.
