Stocks gain ground on bargain hunting

MANILA, Philippines — Share prices gained yesterday as investors acquired bargain stocks.

The benchmark Philippine Stock Exchange index (PSEi) gained 36.15 points, or 0.46 percent, to settle at 7,840.86.

The broader All Shares index was also in the green at 4,753.77, up 13.16 points or 0.27 percent.

The sectoral gauges were mixed with the services and industrial index ending in positive territory.

Traders said the market is still waiting for the inflation figures which will be reported today, Sept. 5.

Christopher Mangun of AAA Securities gave this comment: “US equities markets ended lower in last night’s trading session as the US sector contracted in August for the first time since 2016. Meanwhile, China’s services sector expanded in last month at the fastest pace in last three which may have given Asian equities a slight boost including here at the PSE.”

The PSEi ended higher, up 0.46 percent as blue chips bounce off support after yesterday’s losses.

Trading value stood at P6.59 billion.

Foreign funds resumed their exit after a slight break yesterday with net-selling at P743 million.

Investors continue to focus on second liners and speculative issues as foreign investors continue to selloff blue chips. Overall, the main index remains in limbo with no clear indication of which way it wants to go.