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Stocks rise as bargain hunters seek out bargains; the peso trades sideways.

On Wednesday, risk-on attitude dominated the local stock exchange, thanks in part to a drop in US Treasury rates, while the local currency traded flat versus the greenback despite approaching the 50-level in the middle of the day.

The Philippine Stock Exchange index (PSEi) increased 1.83 percent to 7,215.13 points or 129.44 points.

The Dow Jones Industrial Average rose 1.44 percent, or 54.45 points, to 3,829.91 points.

Among the sectoral indices, the Mining and Oil index gained the most ground, climbing 3.40 percent.

The property came in second with 3.26 percent, followed by Financials with 1.85 percent, Holding Firms with 1.73 percent, Services with 0.77 percent, and Industrial with 0.70 percent.

With 854.663 million shares worth PHP5.95 billion traded, the volume was light.

Gainers outnumbered losers 133 to 49, with 50 shares remaining unchanged.

“Investors turned bargain hunters in the Philippines as the 10-year treasury yield fell,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to reports, the 10-year US Treasury yield fell to 1.74 percent on Tuesday from 1.77 percent the day before.

“The market’s demand for risky assets was further buoyed by the absence of an ‘accelerated change in policy’ comment in Fed(eral) Chairman Jerome Powell’s hearing before a Senate panel,” Limlingan said.

Meanwhile, the peso concluded the day at 51.19 per dollar, slightly changed from its previous closing of 51.14.

It started the day at 51.00, a higher level than the previous session’s 51.25 starts.

The price ranged from 51.26 to 50.94, putting the day’s average at 51.1.

The volume was USD1.11 billion, down from USD1.22 billion the day before.

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