Stocks bounce back as investors cash in gains

MANILA, Philippines — The stock market ? nished with a slight bounce yesterday as investors decided to take pro?ts.

Trading was still subdued even as all the gauges ended in positive territory.

The Benchmark Philippine Stock Exchange index (PSEi) finished at 7,912.14, up 31.20 points or 0.39 percent. The broader All Shares index was also up by 9.46 points to close at 4,729.72. All the other gauges finished in positive territory as well.

“Bargain hunting backed by third quarter and nine month corporate earnings sent local stocks higher by 31.20 points at 7,912.14,” Philstocks Financials said. It also said that the US-China uncertainties continue to affect the stock market.

Foreign buying reached P3.6 billion, while foreign selling was at P4.6 billion for a net foreign selling of P1 billion. Chris Mangun of AAA Securities gave this comment: “Trading remains subdued as the PSEi continues to slide lower. Even with the minor bounce that we saw yesterday, we are not out of the woods yet.”

He said the general investor sentiment remains extremely cautious and no one is willing to get in until they see either a decrease in selling pressure or a pick-up in buying. “In the meantime, the market will remain in limbo until investors start to believe that there is light at the end of the