The Philippine Stock Exchange index (PSEi) gained more ground as investors continued to pick up cheaper stocks on the back of gains in US bourses.
The main index added 24.92 points or 0.41 percent to close at 6,119.88 with the mining and oil surging by 4.73 percent while banks and services declined. Volume was lower at 1.41 billion shares worth P5.18 billion as gainers outpaced losers 98 to 89 with 59 unchanged.
“Philippine shares continued to gain traction closing above the 6,100 after the signing of the CREATE MORE Act IRR, aimed at making the Philippines’ tax incentives more competitive and investment-friendly,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “momentum was further sustained when US equities rallied Tuesday as investors shrugged off global trade and inflation concerns, with tariff developments in Washington remaining a wildcard.”
Philstocks Financial Research Manager Japhet Tantiangco said “the local bourse extended its rise backed by optimistic expectations towards fourth quarter and full year 2024 corporate results. The positive cues from Wall Street also helped in Wednesday’s session.”