PSEi up on bargain hunting

Philippine shares closed in the green on Wednesday as investors hunt for cheaper stocks lifted the market.

The main PSEi gained 26.11 points or 0.47% to 5,581.96 at the closing bell. The broader All Shares increased by 11.65 points or 0.35% to 3,371.47.

“Bargain hunting in the final minutes sent the local bourse higher,” Philstocks Financial equity analyst Japhet Tantiangco said.

“Prior to the climb, the market has been in the negative territory for the most part of the trading day amid tempered hopes on Moderna’s experimental Coronavirus vaccine,” he said.

Foreign funds bought P1.783 billion shares and sold P1.893 billion for a net selling position of P109.984 million.

More than 316.582 million shares valued at P3.299 billion, changed hands. Decliners led advancers, 88 to 84, and 40 issues were unchanged.

“Looking at the overall market breadth, however, decliners still outnumbered advancers 88 to 84,” Tantiangco said. — RSJ, GMA News