Stock market inches up to end 2-day slump

Local shares on Wednesday inched up on bargain hunting after two straight days of decline.

The Philippine Stock Exchange index added 13.11 points, or 0.20 percent, to close at 6,541,91, while the broader all-shares index rose 8.16 points to 3,490.91.

China Bank Capital managing director Juan Paolo Colet said bargain hunting helped lift the market amid continued consolidation and lack of fresh catalysts.

“Daily value turnover was just over P3 billion, as many investors remain on the sidelines ahead of major news flows expected next week including the State of Nation Address and the Federal Reserve’s policy rate announcement and interest outlook,” Colet said.