MANILA, Philippines — The stock market ended in positive territory yesterday, rising by 36.87 points, or 0.57 percent, to close at 6,476.24 on late bargain hunting.
The broader All Shares index also rose by 13.06 points or 0.34 percent to end at 3,799.16
The other gauges mostly ended in positive territory with the financials and mining and oil ending in negative territory.
Total value turnover reached P7 billion. Market breadth was positive with 72 gainers and 117 losers, while 51 issues were unchanged.
“Late day bargain hunting sent the local market higher by 36.87 points or 0.57 percent at 6,476.24. Prior to the climb, the market fell to an intra day low of 6,263.20 following the negative forecast of Federal Reserve on the US economy for 2020. Volume and value turnover registered 1.87 billion and P7.04 billion, respectively,” Philstocks Financials said yesterday.
Luis Limlingan of Regina Capital said: “Philippine shares were bought up toward closing with continued strength on key index names, while some investors took some profit on other stocks. The dovish tone from the Fed did little to lend support to the overall market.”
The Federal Reserve will stay dovish and extend help to support growth flow of credit to households and businesses. It will also continue to offer large-scale overnight and term repurchase agreement and has no plans to raise interest rates through 2022.
In all, the Fed has committed to provide more support to the US economy, Limlingan said.