Bargain hunting lifts PSEi back to 6,000 level

PHILIPPINE SHARES rebounded on Wednesday as investors took advantage of lower prices following the market's seven-day losing run.

- — Alexandria Grace C. Magno with Reuters

The Philippine Stock Exchange index (PSEi) jumped by 1.21% or 72.57 points to close at 6,026.03, while the broader all shares index rose by 0.93% or 33.83 points to end at 3,654.62.

“The PSEi climbed back above the 6,000 mark, breaking its red streak as bargain hunters drove today’s trading session. Investors seized the opportunity to accumulate stocks at cheaper levels after the sharp declines over the past week.” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The index reclaimed the 6,000 level, with bargain hunting fueling a rebound after seven consecutive days of decline,” AP Securities, Inc, said ina note.