Select Philippine stocks sustained gains for the third day in a row on Wednesday in a market supported only by bargain-hunting.
“The market was mainly flat—it was moving sideways with a positive bias. It was just consolidating within 7,750 to 7,850 points and is seen continuing that way for the rest of the week,” Astro del Castillo, First Grade Finance Inc. managing director, said.
The Philippine Stock Exchange index (PSEi) closed 0.18 percent or 13.80 points firmer at 7,808.35, while the wider All Shares index was up 0.35 percent or 15.71 points at 4,509.81.
“The market was pulled higher, but it was very minimal, by bargain-hunting among select stocks. It [the market]is still overwhelmed by sellers,” del Castillo added.
At the close, two of the sectoral indices were in the red—financials and property—while the rest were in positive territory, led by a 0.61 percent rise in services.
Among the most active stocks were GT Capital Holdings Inc., Universal Robina Corp., Globe Telecom Inc., Nickel Asia Corp., Universal Robina Corp., Philippine Long Distance Telephone Company, BDO Unibank Inc. and SSI Group Inc – which all gained.
Some actively traded companies declined, including Lopez Holdings Inc., Metropolitan Bank and Trust Company and Ayala Land Inc.
Total volume reached 874.97 million shares, valued at P8.47 billion. Decliners outnumbered advancers 108 to 76, while 42 issues were unchanged.
On Tuesday, the benchmark stock exchange index added 0.21 percent or 16.65 points to finish at 7,794.55, while the All Shares index shed 0.15 percent or 6.62 points to end at 4,494.10.