Philstar
Bargain hunting lifts PSEi anew
The Philippine Stock Exchange index (PSEi) closed higher for the second consecutive day on Friday, driven by bargain hunting and a positive reception to the latest inflation report.
The PSEi gained 0.69 percent, closing at 6,149.13 points, with most sectoral indices also showing gains.
Services, Mining and Oil, Holding Firms, Property, and Industrial sectors all saw increases, while Financials experienced a slight decline.
Trading volume reached 2.27 billion shares valued at PHP5.97 billion.
Investors were observed to be taking advantage of attractive prices in the market.
The domestic inflation rate rose to 1.5 percent in August from 0.9 percent in July, primarily due to weather-related food price increases, but remained within the Bangko Sentral ng Pilipinas' target range.
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