The local stock market capped off the week in the win column, extending its climb to a third straight session as bargain shopping persisted.
The bellwether Philippine Stock Exchange index (PSEi) returned to the 6,100-mark after retreating to the 5,900 level earlier this week, adding 1.14 percent or 69.1 points to end yesterday’s session at 6,108.86.
The broader All Shares index also grew by 0.73 percent or 26.56 points, settling at 3,685.85.
‘The PSEi again corrected higher for the third straight trading day on continuation of some bargain-hunting activities recently after declining for seven straight trading days,’ RCBC chief economist Michael Ricafort said.
AP Securities, for its part, said the index was able to stage a last-minute push to close above 6,100 as investors position ahead of a United States jobs report that will likely be supportive of another rate cut from the US Federal Reserve later this month.
Sectors were led by services with a 3.47-percent jump. Mining and oil as well as holding firms were in the red, losing by 2.06 percent and 0.07 percent, respectively.
Trading was still tepid, with total value turnover amounting to P4.57 billion, down from the previous day’s P5.56 billion.
Advancers squashed decliners, 111 to 79, while 63 issues did not change hands.
ICTSI remained the session’s most active, soaring by 5.35 percent to P512 per share, followed by BDO Unibank, which was unchanged at P138, and Ayala Land with a 0.83-percent gain to P24.20.