Bargain-hunting lifts stock market

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Renewed bargain-hunting lifted the Philippine share prices on Wednesday with investors still awaiting news from policy meetings by the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

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The benchmark Philippine Stock Exchange index (PSEi) rose by 0.69 percent or 56.62 points to settle at 8,219.32. The broader All Shares grew 0.54 percent or 25.83 points to finish at 4,854.04.

“Philippine markets resumed their bargain hunting mode as Wall Street eked out higher [returns]in a quiet session. US equities rose on Tuesday (US time) as the Federal Reserve kicked off a two-day monetary policy meeting,” brokerage Regina Capital Development Corp. said in a note.

“The BSP has theirs on Thursday. Investors [were]also buying ahead of the anticipated outcome,” it added.

The US central bank’s policymaking Federal Open Market Committee has convened a two-day meeting from September 19 and 20, with results expected to be announced early this morning, Manila time.

The BSP’ Monetary Board, meanwhile, will also meet today, September 21, to discuss policy.

“We expect the BSP to leave policy rates unchanged, keeping the overnight reverse repository rate at 3 percent and the overnight deposit rate at 2.50 percent,” Reginal Capital said.

Almost all sectoral indices gained on Wednesday, with mining and oil, and financials the exception with declines of 0.22 percent and 0.07 percent, respectively.

Over two billion shares valued at P7.08 billion changed hands.

Winners narrowly led losers, 107 to 106 while 42 issues were unchanged.

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