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Late bargain hunting props up share prices

The benchmark Philippine Stock Exchange index (PSEi) gained 51.78 points, or 0.63 percent, to finish at 8,221.92 while the broader All Shares gauge ended 19.23 points higher at 4,851.09. File

MANILA, Philippines — Share prices recovered yesterday after the main composite index made a last minute turnaround as investors decided to look for bargains just before the market closed.

The benchmark Philippine Stock Exchange index (PSEi) gained 51.78 points, or 0.63 percent, to finish at 8,221.92 while the broader All Shares gauge ended 19.23 points higher at 4,851.09.

The rest of the counters closed in positive territory except for the services index, which ended 12.07 points lower.

Total value turnover stood at P10.46 billion. There were 106 advancing stocks and 103 decliners while 39 issues were left unchanged.

PSE chairman Jose Pardo said the PSE is hopeful of sustaining the rally. “We’re hoping the trend would continue,” he said Tuesday night.

Luis Limingan, managing director at Regina Capital, said “Philippine investors continued to clean and rebalance their portfolios ahead of the window dressing and the addition of Robinsons Retail Holdings into the 30 member index.”

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The PSE has announced that Energy Development Corp. will be removed from the PSEi as its free float level dropped below the 12 percent minimum requirement to qualify as a main index constituent.

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