Local stock index firms up at 5,900

PSE index as of February 05, 2014, 3:46 PM. Screengrab from https://www.pse.com.ph

MANILA, Philippines — Local stock market found some relief on Wednesday after taking a beating in the last three days, allowing the main index to firm up above the 5,900 mark.

The Philippine Stock Exchange index recouped 22.4 points or 0.38 percent to close at 5,908.41 as the selldown in the last few days attracted modest bargain-hunting.

All counters firmed up.  Turnover amounted to P5.67 billion.

There were 75 advancers against 59 decliners while 58 stocks were unchanged.

Across the region, stock markets mostly rebounded.

The PSEi was led higher by DMCI (+2.43 percent), URC (+1.4 percent), MPI (+1.44 percent) and SMIC (+1.02 percent) while GTCAP, AGI, ALI, AP, AC, BDO, Jollibee and BPI also contributed to the day’s gains.

Outside of the PSEi, among the notable gainers were LR (+3.68 percent) and Puregold (+0.91 percent).

On the other hand, PLDT, SMPH and LTG ended in negative territory.