The benchmark Philippine Stock Exchange index (PSEi) edged higher on Wednesday as investor confidence grew despite the recent increase in COVID-19 infections.
By the closing bell on Wednesday, the PSEi rose 0.69 percent, or 41.06 points, to 5,995 while the broader all-shares index was up 0.42 percent, or 14.69 points, to 3,551.98,
Chris Mangun, research head at stock brokerage firm AAA Equities, said gains on Wednesday “wiped out all of the losses that we saw at the end of July.”
“Investors are slowly gaining confidence after reassurance that the lockdown will be eased at the end of the week. Vaccine hopes have also lifted the sentiment,” he said in a research note.
Financials, industrial and holding firms led subsectors while mining and oil, property and service declined.
A total of 5.9 billion shares valued at P17.07 billion changed hands on Wednesday. There were 85 gainers against 102 decliners while 47 companies closed unchanged.
SM Investments Corp. was the most actively traded as it gained 1.4 percent to P870 per share.
It was followed by SM Prime Holdings, down 0.83 percent to P30; PLDT Inc., down 0.72 percent to P1,380; Bank of the Philippine Islands, up 2.46 percent to P62.50; and BDO Unibank Inc., up 1.69 percent to P90 per share.
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