The benchmark Philippine Stock Exchange index gained 62.68 points to end at 6,520.80 on Wednesday, higher by 0.97 percent amid continued bargain hunting after investors came rushing in before the Christmas break.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the strong investment pledges approved by the Philippine Economic Zone Authority also boosted investors' sentiment.

This year, big-ticket projects pushed the investment pledges higher, which is expected to clock in at P140.7 billion, 103 percent higher than the P69.3 billion in 2021.

Improving investment data
"Despite the market gain, many investors were still on the sidelines, with a net market value turnover of P4.95 billion only. Chart-wise, we are seeing support at the 6,400 level while initial resistance is pegged at the 6,600 level," Alviar said.

Investors came rushing in before the Christmas break, despite having the balance of payments in November swing back to a $756 million deficit, Regina Capital Development Corp. managing director Luis Limlingan said

Except for Services, which fell 0.05 percent, all stocks were in the green, led by the Miners, which advanced 3.54 percent, and followed by Banks, which increased by 2 percent. Among index members, Converge ICT Solutions, Inc. was at the top, gaining 6.14 percent, while Int'l Container Terminal Services Inc. had the biggest loss of 3.97 percent.