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Stocks back in the green on bargain hunting
The benchmark 30-company Philippine Stock Exchange index or PSEi closed at 6,317.41, up 58.70 points or 0.93 percent.
AFP/File

Stocks back in the green on bargain hunting

Iris Gonzales (The Philippine Star) - May 11, 2021 - 12:00am

MANILA, Philippines — Stocks traded on an upward bias from the get-go yesterday, as investors picked up bargain issues from last week’s selling spree.

The benchmark 30-company Philippine Stock Exchange index or PSEi closed at 6,317.41, up 58.70 points or 0.93 percent.

Likewise, the broader All Shares index rose 29.28 points or 0.75 percent to 3,906.71.

Total value turnover, however, remains muted at P4.571 billion as investors continue to look for better catalysts. Market breadth was positive, 116 to 97, while 46 issues were unchanged.

In a market commentary, D.A. Market Securities said investors are bracing for the release of the first quarter gross domestic product (GDP) data today, which market analysts have pegged to remain in contraction for a fifth consecutive quarter amid a surge in infections and tightened anti-virus curbs mid-March.

“The PSEi will still have to hurdle renewed concerns about economic recovery or possible MSCI downweight on Philippine stocks to get out of its current ranges,” COL Financial said in a report.

Rizal Commercial Banking Corp. economist Michael Ricafort said aside from the release of GDP data, other upcoming leads and catalysts for the market include the central bank’s monetary policy-setting meeting, the new quarantine decision for NCR Plus for the rest of May, developments in the local pandemic situation, and progress in the country’s vaccine rollout.

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