Index soars as investors scramble for bargains

MANILA, Philippines — Stock market investors scrambled for some bargains yesterday, sending the index soaring with a 105.49–point gain to close at  7,939.24.

Likewise, the broader All Shares index rose 54.05 points, or 1.12 percent, to end at 4,856.94.

All other indices finished strong except for the services index which was in the red with a 0.02 percent drop.

Total value turnover, meanwhile, reached P7.795 billion. Market breadth was positive, 122 to 88 while 42 issues were unchanged.

Foreign buying prevailed with net foreign buying at P88 million, which was a reversal of Tuesday’s selling of P289 million. There were more foreign participation yesterday at 62 percent and local participation, at 38 percent.

Traders said the recovery in some index heavyweights contributed to yesterday’s surge.

These include SM Prime Holdings, which gained 3.32 percent, Ayala Land Inc., which rose 2.09 percent and Aboitiz Equity Ventures, which was up 3.78 percent.

The resumption of the US-China trade talks, which would hopefully lead to a more acceptable deal for both countries also encouraged investors.

Moving forward, traders said investors would be watching for the release of the minutes of the January meeting of the US Federal Reserve and get indications of future policy directions.