PHL shares inch up as investors pick up bargains

PHILIPPINE SHARES inched up again on Wednesday as investors picked up bargains and as the peso’s strength versus the dollar provided some relief.

- Alexandria Grace C. Magno with Reuters

The bellwether Philippine Stock Exchange index (PSEi) went up by 0.38% or 23.34 points to end at 6,079.02, while the broader all shares index climbed by 0.2% or 7.19 points to 3,459.45.

“Our local market stood tall against the regional decline, but shed most of its intraday gains last minute, which was driven by the absence of a strong catalyst to bank on,” AP Securities, Inc. said in a market note.

“The Philippine market rose as market players took advantage of bargain prices following [Tuesday’s] decline. The peso’s appreciation against the US dollar also supported the market. Overall, these factors contributed to [Wednesday’s] positive trading session performance,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.