Share prices on the Philippine Stock Exchange advanced Wednesday, lifting the benchmark PSEi back to the 6,800-level as investors took positions for the new year.
The PSEi closed 2.83 percent or 188.24 points higher at 6,846.44, while the wider All Shares gained to 1.96 percent or 79.57 points at 4,150.17
Analysts noted the gains were a result of bargain-hunting and window-dressing.
“The PSEi continued both its bargain-hunting and window-dressing easily on the back of thin volumes,” Regina Capital Development Corporation Business Development Head Luis Limlingan said.
Volume turnover stood at 1.027 billion shares, valued at P3.45 billion.
“Despite thin volumes, I think it’s just following Wall Street’s gains ahead of possible year-end window-dressing,” said IB Gimenez Securities Inc. research analyst Joylin Telagen.
Thursday, December 29, marks the last trading day of 2016. Trading resumes on Tuesday, January 3, the first trading day for 2017.
All sectoral indices posted gains on Wednesday, with Holding Firms up 3.09 percent or 209.47 points at 6,997.64.
Ayala Land Inc., Ayala Corporation and Metro Pacific Investments Corporation were among the actively traded issues.
MJC Investments Corporation, Bogo Medellin Milling Corporation and Philippine Racing Club Inc. were the top gainers during the session, while Concrete Aggregates Corporation, Benguet Corporation and Liberty Flour Mills Inc. were the top losers.
On Tuesday, the PSEi bounced back to the 6,600-level gaining 1.44 percent or 94.53 points to 6,658.20 while the All Shares went up by 1.20 percent or 48.10 points to 4,070.60.