PSEi regains footing back to 6,000

Manila, Philippines – The main index on Wednesday snapped its seven-day losing streak to return to 6,000, thanks to bargain hunting.

The Philippine Stock Exchange index (PSEi) clocked in a gain of 1.22 percent to end the day at 6,026.03. It was the first substantial gain in weeks after political uncertainties and the peso’s depreciation sent it plunging below the 6,000 mark in the past two sessions.

“The local market snapped its 7-day losing streak as investors hunted for bargains,” PhilStocks Financial research manager Japhet Tantiangco said in a note to investors.

Also supporting the recovery are “expectations that inflation last September remained benign,” he said.

The central bank forecast inflation last month likely settled within a 1.5 percent to 2.3 percent band.

“The positive cues from Wall Street also gave the market a boost,” PhilStocks’ note read.

Trading remains sluggish with net value turnover at P5.86 billion, reflecting the still weak confidence amid lingering headwinds.

Foreigners were net sellers with net outflows at P1.03 billion.

All sectors advanced with miners still on the lead, adding 3.19 percent. Advancers edged decliners 99 to 87.

BDO Unibank, Inc. [PSE: BDO] was the day’s index leader, climbing 4.06 percent to P138.30. Converge ICT Solutions, Inc. [PSE: CNVRG] was the main index laggard, falling 4.47 percent to P11.96 each.

NewsWatch Plus business news anchor Lois Calderon contributed to this story.