Last-minute buying saved the local market from a looming dip on Wednesday, which resulted in the benchmark index registering a gain for the second straight day this week.
The Philippine Stock Exchange index (PSEi) was still up on Wednesday, rising a bit by 0.47 percent, or 28.50 points to end at 6,053.87, while the wider all-shares index recovered by 0.67 percent, or 24.58 points to 3,704.15.
“Philippines shares carried over the momentum of Tuesday’s last-minute buying to extend gains to a second day. Before heading into the hour-and-a-half noon break, the PSEi showed gains of 28.55 points, keeping the measure 53.92 points above the 6,000 support line. The gains held steady at the close,” Jun Calaycay of Accord Capital Equities Corp. said.
Overseas, markets in the broad Asia-Pacific region also traded higher, except for the Tokyo, India, Kuala Lumpur and Singapore bourses.
At the PSE, all of the sectoral indices managed to record slight improvements. Property had the largest gains, climbing by 1.43 percent, or 33.19 points to 2,355.22, followed by financials, which improved 0.69 percent, or 10.17 points to 1,475.94.
Services went up by 0.67 percent, or 12.42 points to 1,859.27, while mining and oil gained 0.53 percent, or 63.56 points to 11,941.14. Industrial followed with a 0.44-percent increase or 38.10 points to 8,784.42,while holding firms ended positively by 0.26 percent, or 14.64 points to 5,573.95.
In general, activity picked up with total value turnover reaching P11.8 billion, while advancers lead decliners, 94 to 50.
Some of the most actively traded stocks on Wednesday were Philippine Long Distance Telephone Co., JG Summit Holdings Inc., Metropolitan Bank and Trust Co., SM Prime Holdings Inc., Ayala Corp., Alliance Global Group Inc., International Container Terminal Services Inc. and Jollibee Foods Corp.
During the previous trade, Philippine shares settled with a modest recovery after almost extending its losing momentum to its seventh day.
For the first time in seven days, the benchmark index bounced back with a 0.35-percent increase, or 21.11 points to close at 6,025.37.