PSEi gains for 3rd day on bargain hunting

The Philippine Stock Exchange index (PSEi) climbed for the third consecutive session, reaching its highest close in over three weeks.

Investors engaged in bargain hunting, purchasing undervalued stocks as the full trading week of the year begins.

Optimism surrounding the projected December inflation rate, expected to be around 2.7%, contributed to the market's rise.

This projected inflation rate is within the Bangko Sentral ng Pilipinas' target range and suggests an acceleration from November's 2.5% inflation.

Should the official figure be released on Tuesday, Jan. 7, the full-year average inflation across the Philippines would be 3.2% in 2024.

Foreign investors made net purchases worth P40.94 million, with a total of 4.54 billion shares worth P3.86 billion changing hands.