The Philippine Stock Exchange index (PSEi) posted a modest gain of 0.14 percent or 10.65 points to reverse losses in the morning session and close at 7,575.15.
The broader All Shares index also added 0.25 percent or 10.78 points to finish at 4,330.37.
Analysts said yesterday’s late surge was fueled by bargain hunting.
“Fund managers continued to anchor themselves on Greece, spotting for attractive bargains as most investors take another glance on the Philippine’s fundamental merits,” said Grace Cerdenia, research head at F Yap Securities.
The PSEi was well on its way to its third day losing session after falling 0.46 percent in the morning trade before catching up to the rest of its regional counterparts to end in the positive territory.
Most Asian shares advanced on Wednesday led by Japan’s Nikkei which climbed 0.4 percent.
Industrial and financial companies were down, slipping 0.33 percent and 0.06 percent, respectively.
Advancers overwhelmed decliners, 87 to 78, while 46 stocks were unchanged.
Turnover value, however, slowed down to P6.48 billion from the previous day’s P10.68 billion.
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source: www.abs-cbnnews.com
