Stock investors managed to remain optimistic toward local equities even as the deadline for setting a higher US debt ceiling neared.
Accord Capital Equities Corp. analyst Jun Calaycay said as the deadline for raising the US debt limit neared, active markets in the broad Asian region showed confidence an agreement will be reached at the 11th hour.
“As the day deepened, however, the reality of a ‘default’ looms large as US legislators continue to come up empty despite burning the mid-night oil at the [Capitol] Hill,” he added.
Overseas, Calaycay cited that stock futures in the US have trimmed gains, while Europe reversed an early optimism as Asian indexes appear poised to end the session off the highs, as a number have dropped to losses.
The Philippine Stock Exchange index (PSEi) resumed trading on Wednesday with a 0.63-percent gain toward the end of the session, or 40.87 points to 6,483.57, while the broader all-shares index inched up by 0.48 percent, or 18.71 points to 3,923.52.
“The PSEi briefly flirted in negative territory in early trades but activity picked up on the buy side, as its peers in the region stayed marginally in the green,” Calaycay said.
Except for the industrial and services counters, majority of the sectoral indices managed to post modest gains.
Financials went up by 1.41 percent, or 22.49 points to 1,613.25, while mining and oil increased by 0.77 percent, or 95.51 points to 12,546. Holding firms went up by 0.68 percent, or 39.56 points to 5,879.21, followed by property, which rose 0.62 percent, or 15.75 points to 2,560.36.
Industrial, however, slid by 0.03 percent, or 2.34 points to 9,317.59, while services glided higher by 0.02 percent, or 0.36 points to end at 1,988.42.
Total value turnover stood at P7.5 billion toward the end of the session as advancers outnumbered decliners, 87 to 55.
Some of the most actively traded stocks on Wednesday were Philippine Long Distance Telephone Co., Metropolitan Bank and Trust Co., Universal Robina Corp., International Container Terminal Services Inc., Puregold Price Club Inc. and SM Investments Corp.
On Tuesday, the market took a break in observance of the Islamic Feast of Sacrifice.