THE Philippine market broke its three-day decline on Wednesday after Hillary Clinton’s apparent victory in the first US presidential debate on Tuesday (Manila time) encouraged bargain hunting in oversold stocks. The Philippine Stock Exchange index (PSEi) rose 0.39 percent or 29.62 points to 7,586.96, while the wider All Shares index also ended up 0.48 percent or 21.48 points at 4,517.41. “I think it’s just bargain hunting of selected oversold stocks despite subdued investor participation… Since the index is at support level already (7,500-mark), I hope it will be sustained, with possible upward [bias due to]possible window-dressing on Friday,” Telagen said. Except for the industrial sub-index, all other sectoral indices advanced, led by the 231.79-point gain of the mining and oil index. On Tuesday, the benchmark index slipped 0.98 percent or 75.12 points to 7,557.34, while the broader All Shares index fell 0.90 percent or 40.67 points to 4,495.93.

Source: Manila Times September 28, 2016 16:52 UTC