PH shares rebound on bargain hunting

Philippine stocks rebounded Wednesday, lifted by bargain-hunting following market weakness in previous sessions.

The benchmark Philippine Stock Exchange index (PSEi) gained 70.75 points or 1.26% to 5,964.92 at the closing bell. The broader All Shares index also grew by 25.31 points or 0.80% to 3,185.15.

"The local bourse advanced on Wednesday, staging a technical rebound as bargain hunting emerged across select index heavyweights following recent market weakness," said Luis Limlingan, Regina Capital Development Corp. head of sales.

Limlingan added that investor sentiment was supported by positioning a day ahead of official inflation figures announcement "as market participants await further indications of the country's inflation trajectory and its potential implications for the BSP's monetary policy direction."

More than 663.84 billion shares, valued at P6.95 billion, changed hands.

The stock market ended with 94 gainers and 97 decliners, with 61 unchanged. — VDV, GMA News