MANILA, Philippines — Stock investors went back looking for bargains yesterday, pushing the benchmark Philippine Stock Exchange index (PSEi) to rally to the 8,400 level anew.
The PSEi gained 85.78 points or 1.02 percent to finish at 8,422.82 while the broader All Shares index gained 39.36 points or 0.80 percent to close at 4,909.79.
All other sectoral indexes likewise closed in positive territory, with the property, mining and oil counter and the services index leading the gainers.
Total value turnover, however, was thin at P5.658 billion and the number of advancing stocks and declining stocks was almost the same: 103 and 100, respectively.
A total of 46 issues were left unchanged.
Commenting on yesterday’s session, Luis Limlingan of Regina Capital said bargain hunting prevailed yesterday.
Investors are still riding on the positive momentum brought about by the ratification of the TRAIN or the Tax Reform for Acceleration and Inclusion, which is the Duterte administration’s tax reform package. President Duterte is expected to sign the measure today.
Moving forward, he said investors would be looking at the last two weeks of key economic releases such as the third quarter GDP on Thursday and personal income and spending report on Friday. There are no scheduled speaking engagements by Fed officials this week. Investors will also be keeping an eye on global factors, such as the tax reforms update and implications in the United States and crude oil prices.