Bargain-hunting lifts index above 6,600

MANILA, Philippines— The local market reclaimed the 6,600 level on Monday after being lifted by investors fishing for lower-priced shares following two days of decline.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) gained by 1.42 percent, or 92.32 points, to 6,604.25.

Likewise, the broader All Shares Index climbed by 0.88 percent, or 30.63 points, to 3,507.76.

A total of 949.40 million shares valued at P11.04 billion changed hands, while foreigners made net purchases worth P3.33 billion, stock exchange data showed.

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Apart from bargain hunters, strong foreign direct investment (FDI) data likewise improved sentiment, according to Claire Alviar, research analyst at Philstocks Financial Inc.

The Philippines posted FDI net inflows of $1.4 billion in February, up by 29.3 percent from a year ago, according to the Bangko Sentral ng Pilipinas. —Meg J. Adonis INQ