PSEi rises 1.14% as bargain hunters drive gains, despite foreign outflows PHP369M

Investors seeking cheap shares continued to boost the Philippine Stock Exchange index (PSEi) on Thursday, with all counters finishing in positive territory.

The PSEi rose 1.14 percent to close at 6,113.19 points, while All Shares increased 0.78 percent to 3,647.73.

Miners and Services led gains, closing up by 2.69 percent and 2.6 percent respectively, followed by other sectors showing moderate growth.

Philstock Financials research manager Japhet Tantiangco attributed the market's rise to bargain hunting and anticipation of positive catalysts from the Bangko Sentral ng Pilipinas (BSP) policy meeting.

Despite no changes in key policy rates as announced by BSP Governor Eli Remolona, foreign investors were net sellers with outflows amounting to PHP369.44 million.