Index ends 2-day slump on bargain hunting

MANILA, Philippines — Despite ending November on a sour note, the stock market came roaring back with a rousing start on the final month of the year as investors acquired bargain stocks.

The Philippine Stock Exchange index rose by 1.78 percent, or 138.23 points, to close at 7,877.19 yesterday, putting an end to its two-day slump last week.

The broader All Shares index likewise ended on the positive territory, climbing 1.16 percent or 53.84 points to settle at 4,686.68.

“December got off to a positive start as investors optimistically waited for a solid trade deal to be signed,” Regina Capital’s Luis Limlingan said.

“Aside from this, many are already looking forward to next year. After slowing sharply for two years, global growth is expected to recover moderately in 2020,” Limlingan said.

Property led Monday’s rally, rising by 2.20 percent. Financials and holding firms also grew significantly by 1.96 percent and 1.96 percent, respectively.

Mining and oil was the biggest loser of the day, plunging by 3.20 percent.

Market breadth, however, stayed in the negative as decliners crushed advancers, 104 to 86, while 49 stocks did not change.

Value turnover was thin at P5.31 billion.