Philippine stocks rise on stimulus hopes

Philippine stocks rose on Wednesday due to bargain hunting spurred by expectations of further US stimulus.

The benchmark PSEi index increased 0.47% or 26.11 points, closing at 5,581.96.

Most sectoral gauges finished with gains, led by the Mining and Oil counter (up 1.16%), followed by Financials (up 1.15%) and Holding Firms (up 1.07%).

The peso closed almost unchanged at 50.65 to a US dollar.

Volume in the stock market totaled PHP3.3 billion, with losers slightly outnumbering gainers.