Philstar
Bargain hunting lifts PSEi anew
The Philippine Stock Exchange index (PSEi) closed higher for the second consecutive day on Friday due to bargain hunting and positive investor sentiment following the latest inflation report.
The PSEi gained 0.69 percent, reaching 6,149.13 points, while the All Shares index rose by 0.40 percent to 3,692.71 points.
Most sectoral indices also saw gains, with Services leading the pack with a 1.51 percent increase.
The Financials sector was the only one to decline, losing 0.07 percent.
Trading volume reached 2.27 billion shares, valued at PHP5.97 billion.
Investors took advantage of attractive stock prices, contributing to the PSEi's uptick.
The Bangko Sentral ng Pilipinas (BSP) target inflation range was met, which boosted market sentiment.
The Philippine Statistics Authority (PSA) reported that inflation rose to 1.5 percent in August, up from 0.9 percent in July, primarily due to weather-related food price increases during the rainy season.
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