The Philippine Stock Exchange index (PSEi) ended 21.43 points up yesterday closing at 3,200.90 points a 0.67 percent hike with Irving I. Ackerman, I. Ackerman & Co., Inc. president, saying that the market has been improving compared with the mid-January sell-off.

"Trading value was a little bit better. We’ve been trading P1.5 billion per day in the last few days.. We’ve been quiet for a week or so now," said Ackerman.

Trading turnover yesterday reached 410 million shares worth P2.04 billion. "The market is not yet good but it shows sign of rejuvenation", said Ackerman.

Ackerman noted that a number of US economists had been predicting that the US economy will be up again by end Q2 or early Q3 which he said bodes well for the Philippines with its "close connection to US."

In the meantime, investors may continue to bargain hunt cheap stocks with "many stocks down by 20 to 40 percent from their previous high," according to Ackerman.

Ackerman meanwhile said investors might be interest to look at mining companies in the market which "are beginning to become more active."

Most actively traded PLDT was up P 65 to P2,930. SM Investments Corp. (SMIC) was steady at P297.50. Philippine National Oil Co. - Energy Development Corp. (PNOC EDCE) was up P0.10 to P5.90. Ayala Corp. was also up P5 to P447.50. Unit Globe Telecom was up P20 to P1,565.