THE Philippine Stock Exchange index (PSEi) went up by 2.87 points, or 0.04 percent, on Wednesday to end at 6,471.84.

Philstocks Financial Inc. research associate Claire Alviar said that this was due to last-minute bargain hunting as investors await the inflation rate figure in the United States.

“Investors eye the inflation print in the US as it may tell how aggressive would the Federal Reserve (Fed) be regarding its monetary tightening which, in turn, may influence the decision of the Bangko Sentral ng Pilipinas on their next policy meeting,” Alviar continued.

Market sentiment was also supported by stronger Philippine foreign direct investments data, latest easement of debt-to-gross domestic product ratio at 62.1 percent and relatively decent economic growth data, Rizal Commercial Banking Corp. chief economist Michael Ricafort said.

For his part, Regina Capital Development Corp. Managing Director Luis Limlingan noted that crude oil prices declined on choppy trading as various worries concerning lower demand because of a slowing global economy combined with news that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine. Brent crude closed at $96.31 per barrel, down 0.40 percent. US West Texas Intermediate crude, on the other hand, shed 0.30 percent at $90.50 per barrel.

Net value turnover recorded at P5.42 billion, with total volume ending at 843,399,817 shares. Total value settled at P6.34 billion with 61,289 trades conducted.

Mining and oil gained the most, advancing 1.15 percent, while financials lost the most, dropping by 0.55 percent.

Advancers edged decliners, 111 to 59, while 63 securities remained unchanged.