The local stock market gathered further steam, buoyed once again by bargain hunters capitalizing on cheap prices.
The benchmark Philippine Stock Exchange index (PSEi) improved by 0.29 percent or 17.88 points to close at 6,094.10, extending its winning streak to three.
The broader All Shares Index also inched up by 0.06 percent or 2.25 points, settling at 3,670.88.
‘The PSEi continued to correct slightly higher for the third straight trading day amid some bargain-hunting activities,’ Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
AP Securities said the market continued to track higher, but trimmed its gains after profit taking kicked in when the index touched an intraday high around 6,100.
‘The PSEi extended its gains as market sentiment turned positive, supported by the peso holding its ground against the greenback, nearing the 57 mark. Moreover, bargain hunting continued to be one of the key drivers of trading activity throughout the week,’ Luis Limlingan of Regina Capital said.
Trading was strong with total value turnover rising to P7.9 billion from the previous day’s P6.17 billion.
Sectoral gauges were a mixed bag, with mining and oil posting the largest increase at 1.15 percent, while property suffered the biggest decline at 0.87 percent.
Market breadth, however, was negative as decliners edged out advancers, 107 to 95, while 56 issues were unchanged.
The session’s top traded stock was still ICTSI, which surged by 2.42 percent to P550 per share. It was followed URC which jumped by 1.05 percent to P77 and Manila Water which fell by 2.9 percent to P36.80.