Philstar
PSEi bounces back on bargain hunting
The Philippine Stock Exchange Index (PSEi) closed higher for the fourth consecutive day, settling at 6,079.02, driven by bargain hunting and the peso's appreciation against the US dollar.
Market analysts cited investors capitalizing on lower stock prices after a previous decline as a key factor for the PSEi's rebound.
Positive signals from softer US jobs data, potentially justifying future cuts by the US Federal Reserve, and dovish remarks from Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. also supported the market.
All sectoral gauges were in the green, except for property which declined, while services led the gains.
Market breadth was positive, with advancers outnumbering decliners, though trading value turnover thinned.
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