Bargain hunting lifts market out of slump
The benchmark Philippine Stock Exchange index (PSE) closed at 8,145.00, recovering from a five-day decline. It gained 60.55 points or 0.74 percent. File
MANILA, Philippines — The local stock market managed to recover yesterday, returning to the 8,100 level after investors looked for bargains, taking advantage of low prices in the market.
The benchmark Philippine Stock Exchange index (PSE) closed at 8,145.00, recovering from a five-day decline. It gained 60.55 points or 0.74 percent.
Likewise, the broader All Shares gauge added 27.41 points or 0.57 percent to finish at 4,786.06.
All sectoral indexes closed in positive territory, with the property sector leading as it closed 1.62 percent higher to 3,847.26. Among the sectoral counters, the industrial index barely moved, inching up 0.06 percent but still joining the rest in positive territory.
Total value turnover, meanwhile, reached P7.81 billion with advancing stocks outpacing decliners, 102 to 97. Forty-nine issues, meanwhile, were left unchanged.
Commenting on yesterday’s stock market performance, Regina Capital’s Luis Limlingan said the market was buoyed by the resumption of buying momentum.
“The Philippines regained some buying momentum while Dow closed at a record Monday as investors cheered the weekend passage of the Senate version of a sweeping overhaul of the US tax code,” Limlingan said.
The market also took into account easing inflation. The government reported yesterday that inflation in November eased to 3.3 percent, giving the Bangko Sentral ng Pilipinas (BSP) the leeway to keep rates steady at least until the end of the year.
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