BARGAIN HUNTING. The Philippine Stock Exchange index (PSEi) recovers on Wednesday (May 4, 2022) due to bargain hunting and ahead of the Fed rate announcement. However, the peso weakened against the US dollar. (PNA file photo)
MANILA — Bargain hunting lifted the local stock barometer on Wednesday but the peso lost against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 1.21 percent, or 81.65 points, to 6,802.73 points.
All Shares followed with a jump of 0.50 percent, or 18.16 points, to 3,614.99 points.
Most of the sectoral indices trailed the main gauge, namely Property, 2.42 percent; Financials, 1.77 percent; Industrial, 1.34 percent; and Services, 0.36 percent.
On the other hand, Mining and Oil slipped by 1.87 percent and Holding Firms by 0.04 percent.
Volume was thin at 631.99 million shares amounting to P HP6.92 billion.
Decliners led advancers at 124 to 64, while 54 shares were unchanged.
“Investors reverted to bargain hunting after the holiday following two successive days of the US trading in the green,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
He said US equities have been posting positive finishes ahead of the policy rate decision on the Federal Reserve’s key rates after the May 3-4 meeting of the Federal Open Market Committee (FOMC).
Meanwhile, the local currency weakened against the US dollar after it finished the day at 52.5 from last Monday’s 52.365.
It started the day at 52.43, a depreciation from its 52.25 opening in the previous session.
It traded between 52.505 and 52.39, resulting in an average of 52.46.
Volume totaled USD1.34 billion, higher than last Monday’s USD840.7 million. (PNA)
