Philippine Stock Exchange index’s (PSEi) sustained the rally Tuesday by bargain hunting. The PSEi rose 0.54 percent or 41.51 points to 7,719.24 points and the All Shares 0.24 percent or 10.92 points to 4,570.40 points.
Most of the sectoral indices trailed the main index led by Mining and Oil with a 2.02 percent increase, followed by Holding Firms, Industrial, and Property with 0.92 percent, 0.53 percent and 0.30 percent, respectively.
Services and Financials declined 0.12 percent and 0.09 percent, respectively. Trade volume reached 2.49 billion with a value of PHP7.07 billion. Gainers led losers at 91 to 85 while 66 were unchanged.
The Institute for Supply Management’s (ISM) Purchasing Managers Index (PMI) for the U.S. last month reached 51.5, higher than month-ago’s 49.4 print.
An index above 50 indicates growth, while a figure below 50 indicates contraction.
Business analyst are confident that this trend will continue even there are present uncertainties.