Share prices inched up on bargain hunting on Wednesday, with investors looking for a new catalyst to trade the market higher while the emerging Asian markets ended mixed.
Wednesday’s uptick ended the market’s five-day fall, with renewed buying interest surging before the closing bell.
“Intraday, the index traversed between gains and losses prior to closing at the day’s high, given a surge in market-on-close (MOC) buying,” stockbrokerage firm SB Equities said in a note.
The PSEi gained 0.63 percent or 40.02 points to close at 6,375.35.
The broader All Shares firmed 17.37 points or 0.47 percent to 3,737.94.
Gainers outnumbered losers 107 to 81, with 52 stocks unchanged. Trade value reached P7.63 billion.
“Market heavyweights pulled the market upward today on bargain hunting after several days of selling,” said Seth Panga, trader at Diversified Securities Inc.
Japhet Tantiangco, analyst at Philstocks Financial Inc., added that the “appreciation of corporate fundamentals” also supported the market.
“Sectors closed mixed, with the miners taking the lead, adding 4.65 percent. Properties lost the most, shedding 0.60 percent,” Tantiangco said.
Luis Limlingan, managing director at Regina Capital and Development Corp., meanwhile, said investors were also looking for new catalysts following the earnings season.
Overseas, stocks in emerging Asia
markets were mixed, with equities in South Korea up 0.9 percent, led by pharmaceutical companies, while battery makers staged a rebound as US President Donald Trump failed to receive backing for his tax bill.
Shares in Taiwan gained 1.3 percent while the Malaysian benchmark index was on track for its fifth-consecutive day of losses.
“Investors are closely monitoring any development with respect to economic and trade announcements and will avoid taking major positions prior to them in order not to be caught on the wrong side in case of unexpected headlines,” Massimiliano Bondurri, founder and CEO at SGMC Capital, said.
Most actively traded International Container Terminal Services Inc. closed up P0.20 at P400.20. Bank of the Philippine Islands gained P5.60 to P136.70. Universal Robina Corp. shed P3.40 to P86.60. Emperador Inc. added P0.26 to P13.66. SM Prime Holdings Inc. lost P0.45 to P23.05. BDO Unibank Inc. climbed P2.90 to P158. Ayala Land Inc. was steady at P23. DigiPlus Interactive Corp. firmed P0.30 to P49.15. Metropolitan Bank and Trust Co. eased P0.25 to P75.30. China Banking Corp. fell P5.20 to P76.50. (With additional report from Reuters)
