The Philippine Stock Exchange index (PSEi) ended higher on Wednesday, with investors taking advantage of lower valuations after the market's steep decline in the prior session.
The PSEi rose by 0.53% or 32.09 points to close at 6,069.26, while the broader all shares index went up by 0.16% or 5.49 points to end at 3,324.78.
Market participants shifted into bargain hunting mode following the decline, with investor sentiment improving as they picked up select names at attractive levels.
The market also tracked the broader regional recovery, supporting a more positive tone, with sectoral indices ending mixed on Wednesday.
Financials rose by 0.92% or 17.19 points to 1,868.03; industrials increased by 0.86% or 72.22 points to 8,398.32; and services went up by 0.71% or 22.65 points to 3,210.65.
However, mining and oil declined by 1.44% or 199.64 points to 13,645.21; holding firms dropped by 0.57% or 24.76 points to 4,313.84; and property went down by 0.3% or 5.72 points to 1,857.93.
Jollibee Foods Corp. was the day's index leader, jumping 4.09% to P140, while DigiPlus Interactive Corp. was the worst index performer, dropping 5.3% to P11.08.
Decliners outnumbered advancers, 102 to 89, while 61 names were unchanged, with value turnover going down to P4.63 billion on Wednesday and net foreign selling decreasing to P79.59 million from P342.22 million in the previous session.
