The benchmark Philippine Stock Exchange Index (PSEi) gained slightly on Wednesday as buyers swooped in and put an end to heavy selling early in the session.
By the close of trading, the PSEi had gained 0.03 percent or 1.99 points to 7,204.38. The benchmark index was down as much as 1.77 percent earlier that day.“The majority of investors were quick to pick up battered shares, pushing prices higher and deflecting a further selloff,” Chris Mangun, research head at stockbrokerage firm AAA Equities, said in a note to investors.“The main index ended right above 7,200, which has proven to be a strong support level,” he added.
Still, the PSEi was down 1 percent week-on-week, Mangun said. Wednesday was the last trading day before a two-day Christmas holiday.
Buying support also pushed up the broader All Shares index, which gained 0.1 percent or 4.31 points to 4,294.45.
Among subsectors, services, mining and oil, financials and industrial ended in positive territory. Property and holding firms closed in the red.A total of 29.4 billion shares valued at P6.94 billion changed hands on Wednesday.
There were 138 gainers versus 90 decliners while 43 companies closed unchanged.
Dito CME Holdings Corp. was the most actively traded on Wednesday as it gained 4.82 percent to P8.70 a share.
It was followed by BDO Unibank Inc., down 1.02 percent to P106.80; Ayala Land Inc., up 0.12 percent to P41.75; Bank of the Philippine Islands, up 1.29 percent to P82.40, and Metrobank, down 0.39 percent to P50.80 a share. INQ