Late buying nudged up the Philippine Stock Exchange (PSE) benchmark index as investors picked up bargains following steep losses in past days.

The main index inched up by 6.72 points or 0.11 percent to close at 6,335.91 as the Services sector did the heavy lifting while the Industrial and Mining counters continued to drag down the PSEi. Volume rose to 472 million shares worth P24.82 billion as losers still beat gainers at 99 to 80 with 42 unchanged.

“Philippine shares managed to rebound at closing, buoyed by the US tech sector's resilience last night,” said Regina Capital Development Corporation Managing Director Luis Limlingan.  

Philstocks Financial Assistant Research Manager Claire Alviar said, “after the three straight days of market decline, last-minute bargain hunting lifted the local bourse. However, it still failed to return above the 6,400 support level.”

“Investors were also waiting for the interest rates decision of the Bangko Sentral ng Pilipinas this week,” she added. 

China Bank Capital Corporation Managing Director Juan Paolo Colet said, “the market was marginally higher amidst cautious bargain hunting after China announced a surprise cut to a key policy rate in an attempt to boost its flagging economy.”

“The index remains on shaky ground as many investors are worried about disappointing macroeconomic data from China and rising US yields,” he noted.