The local stock barometer climbed for the third consecutive session on Wednesday, driven by domestic bargain-hunters.
The main-share Philippine Stock Exchange index (PSEi) added 61.6 points, or 0.94 percent, to close at 6,651.71.
Bargain-hunting continued as the number of daily COVID-19 cases eased below 10,000 while investors continued to assess the impact of moderating inflation and its effects on growth and interest rates, said Luis Gerardo Limlingan, managing director at Regina Capital Development.
Despite the positive movement for the index in the past days, Papa Securities said it might be too soon to be overly optimistic, more so with a heavy resistance ahead at 6,700 to 6,800.
“Persistent overhangs such as the high number of daily cases, as well as opaque guidelines on weekly quarantine restrictions dampen any sort of strong conviction to be seen in the market. Not to mention that we also have a long weekend ahead of us again with Friday’s holiday that could lead to the market stopping in its tracks (on Thursday),” Papa Securities said.
The brokerage sees support for the PSEi at its recent low of 6,300 and the resistance levels at the 6,700 to 6,800 area.
The market was led higher by the property sector, which advanced by 2.52 percent.
The financial, industrial, holding firm and services both rose by less than 1 percent.
The mining/oil counter, however, declined by 0.62 percent.
Value turnover for the day amounted to P6.05 billion. Domestic hands kept the market afloat as there was P667.2 million worth of net foreign selling.
There were 147 advancers that edged out 57 decliners, while 46 stocks were unchanged.
SM Prime and Metro Pacific led the PSEi higher, with their 5.87-percent and 5.29-percent respective gains.
Metro Pacific’s water concession arm Manila Water recently sealed a new contract with the government that ensures continuity of the business through July 1, 2037.
SM Investments, Puregold, PLDT and Metrobank all gained less than 1 percent.
Notable gainers outside the PSEi included Basic Energy, which added 7.22 percent, while Apollo Global, AC Energy and PHES all rose by over 2 percent.
On the other hand, Ayala Corp. and RRHI fell by less than 1 percent, while Ayala Land, ICTSI, URC, Globe and Jollibee all lost less than 1 percent.
Outside the PSEi, Seminar slid by 8.31 percent, while Dito shed 0.36 percent. —DORIS DUMLAO-ABADILLA