Bargain-hunting helped the stock market recover on Thursday, but the peso continued to weaken against the dollar. The currency fell by 10 and a half centavos to close at P58.5:$1 while the benchmark Philippine Stock Exchange index (PSEi) added 14.85 points, or 0.23 percent, to close the day at 6,511.57. The broader All Shares rose 7.44 points, or 0.20 percent, to 3,757.29. The peso opened at P58.45:$1 and ranged from P58.333 to P58.62. Volume rose to P1.830 billion from P1.736 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the day's fall came as the dollar continued to gain. Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said 'last minute bargain-hunting brought the local market to a positive close this Thursday.''For the most part of the day however, the market was in the negative territory as the Federal Reserve's concerns over the US' inflation outlook, as expressed in their latest ... weighed on sentiment,' he added. Tantiangco said trading was 'anemic' with net value turnover at P3.50 billion and that 'investors chose to remain on the sidelines.''Foreign transactions for the day registered a net outflow of P98.10 million,' he added. Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said 'Philippine shares traded in the red for most of the session before closing slightly higher to finish above the 6500 mark again.' DragonFi Securities, Inc. analyst Jarrod Tin said 'the market edged higher, likely driven by bargain hunting in select names.''However, cautious sentiment prevailed as light trading volume reflected investor wariness following the US Fed's minutes, which suggested a potential slowdown in the pace of policy easing and emphasized the upside inflation risks from President Trump's policies,' he added. All but two sector indices closed in the green, with holding firms up the most by 0.56 percent. Mining and oil and financials were in the red, down 0.76 percent and 0.44 percent respectively. On a company basis, decliners outnumbered gainers, 108 to 99, while 39 were unchanged
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