Bargain hunting snaps market skid
MANILA, Philippines — The stock market snapped its three-day losing streak after pulling off a late rally as investors took advantage of bargains.
“It’s just bargains at the close,” IB Gimenez Securities Inc. head of research Joylin Telagen said.
“However, investors are likely to stay cautious as there are a number of data which are due to be released like US economic performance and the policy meeting of the Bangko Sentral ng Pilipinas,” she said.
The Philippine Stock Exchange index (PSEi) erased early losses to finish yesterday’s session at 7,617.42, up 59.51 points, or 0.78 percent. The PSEi closed the morning session 0.21 percent.
The broader All Shares index mirrored gains of the benchmark index, closing 22.62 points, or 0.49 percent, higher at 4,618.05.
“Philippine markets finally got a lift, coinciding with Wall Street snapping a five-day losing streak as interest rate concerns ebbed,” Regina Capital Development Corp. business development head Luis Limlingan said.
“Overnight markets were relatively muted despite the 10-year US Treasury yield firmly above three percent, bringing some buying interest back to the markets,” Limlingan added.
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