Last-minute bargain hunting lifts stocks

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) managed to finish in positive territory yesterday as market investors decided to hunt for bargain stocks.

The PSEi managed to rise by 26.95 points, or 0.49 percent, to close at 5,523.78, while the broader All Shares index rose by 16.10 points, or 0.48 percent, to end at 3,329.12.

Most sectoral gauges were down except for the services and property sectors.

Total value turnover reached P5.483 billion. Market breadth was positive with 99 gainers and 78 losers, while 47 issues were left unchanged.

Philstocks Financials gave this comment: “Late day bargain bunting sent the local bourse up by 26.95 points at 5,523.78. Neighboring markets were mixed as investors weighed the reopening of economies against the rising US-China tensions.”

Luis Limlingan of Regina Capital said market investors have also become more optimistic over positive signs of global economic recovery.

He said that the US is already preparing to reopen New York City, the only region which is still under state-ordered lockdown.

Optimism over the development of a vaccine soon is also sending hopes to investors.

There are already 10 vaccines in clinical evaluation and 114 in preclinical evaluation, according to a running tally by Fundstrat.

In terms of specific issues, Lopez-owned First Gen Corp. was the biggest gainer for the day, rising 14.2 percent, after a Singaporean firm announced plans to invest as much as P7.8 billion through a tender offer.