Local shares closed higher Tuesday, extending gains on positive cues from Wall Street and continued bargain hunting.
The benchmark Philippine Stock Exchange index (PSEi) rose 23.89 points, or 0.40 percent, to finish at 6,076.22. The broader all shares index also ended higher, gaining 13.04 points, or 0.36 percent, to 3,668.63.
Meanwhile, the peso closed slightly stronger against the U.S. dollar, ending at 58.215 from 58.245 on Monday.
“The local market extended its climb as investors continued with their bargain hunting,” said Japhet Tantiangco, research head at Philstocks Financial Inc. He added that the recent decline in long-term treasury yields, amid the dovish outlook of the Bangko Sen-tral ng Pilipinas, continued to support the local bourse.
Wall Street also closed sharply higher after the United States expressed its intention to hold talks with Chinese officials, easing uncertainties between the two nations.
Among the sectoral indices, mining and oil led the gainers, rising 2.4 percent, followed by the industrial sector, which climbed 0.89 percent. Only the services sector declined, falling 1.1 percent.
Trading remained tepid, with value turnover reaching only P5.2 billion, below the year-to-date average of P5.92 billion.
Gainers edged out losers, 102 to 87.
Foreign investors remained net sellers with outflows totaling P345.88 million.
BDO Unibank Inc. was the day’s top index gainer, increasing 1.78 percent to P137.40, while Puregold Price Club Inc. was the main index laggard, declining 2.43 percent to P40.10.
