Market sustains uptrend on bargain hunting
MANILA, Philippines - Bargain hunting, as well as early month-end window dressing, helped sustain the stock market’s upward trend at the end of the trading week, analysts said yesterday.
The benchmark Philippine Stock Exchange index (PSEi) moved up 16.47 points, closing at 6,889.78. However, despite the gains, the PSEi remained below the 7,000 mark.
The broader All Shares index was also up 5.9 points to 4,176.54.
All counters were down, except the property segment, which climbed 68.49 points to 3,072.98. The negative counters were led by mining and oil, which was down by 184.86 points or 1.48 percent.
Total value turnover reached P4.84 billion. Advancers slightly outnumbered decliners at 94 to 90, while 47 issues were unchanged.
Luis Limlingan, managing director at Regina Capital, attributed the rise in share prices to some bargain hunting, portfolio rebalancing and early window dressing.
Meanwhile, the peso finally ended a seven day losing streak gaining 14 centavos yesterday with the expected pick up in cash remittances from overseas Filipinos in time for the Christmas season.
The local currency opened weaker and hit an intra-day low of 49.99 to $1 before hitting an intra-day high of 49.80 to $1. The peso briefly touched the 50 to $1 level last Thursday.
The peso closed at 49.84 to $1 from Thursday’s 49.98 to $1. Volume picked up to $538.2 million from the other day’s $437.6 million. – With Lawrence Agcaoili
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