Stocks gain as investors pick up bargains

MANILA, Philippines — Share prices rallied yesterday as market investors began positioning anew, selecting bargain issues, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) soared 84.85 points, or 1.03 percent, to finish at 8,256.28.

Likewise, the broader All Shares index gained 26.01 points, or 0.53 percent, to end at 4,867.36.

Total value turnover reached P7.41 billion. Advancing stocks outnumbered decliners 107 to 96 while 52 issues were left unchanged.

Jonathan Ravelas, chief market strategist at Banco de Oro, said investors are waiting for better leads such as the passage by the Senate of the Duterte administration’s tax reform program.

“Some investors try to protect their gains and remained on the sidelines awaiting for fresh leads on the economy, particularly on the developments of the government’s tax reform program and the progress with its infrastructure program,” he said.

Luis Limlingan of Regina Capital said markets began their positioning to kick start the fourth quarter by acquiring stocks once more.

“There was also a spillover as US stocks ended the month at a stronger note,” he said.