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Stocks finish higher on late bargain hunting
The 30-company benchmark Philippine Stock Exchange index added 14.22 points or 0.22 percent to end at 6,283.58, while the broader All Shares index went up by 10.43 points or 0.27 percent to finish at 3,861.41.
STAR/File

Stocks finish higher on late bargain hunting

Elijah Felice Rosales (The Philippine Star) - May 18, 2021 - 12:00am

MANILA, Philippines — Late buying again saved the day for the local stock market, with the main indexes notching gains yesterday to start the week on a positive note.

The 30-company benchmark Philippine Stock Exchange index (PSEi) added 14.22 points or 0.22 percent to end at 6,283.58, while the broader All Shares index went up by 10.43 points or 0.27 percent to finish at 3,861.41.

A total of P5.01 billion worth of shares changed hands during trading, with decliner edging out advancers, 99 to 85, while 58 issues were unchanged.

“The local market again reversed earlier losses and ended slightly higher on last-minute buying,” said AB Capital Securities in a market commentary.

Luis Limlingan, head of sales at Regina Capital, said investors went on a buying spree at the close.

“Shares succumbed to profit taking intraday before market-on-close bargain hunting due to the overhang of inflation concerns in many regional markets,” Limlingan said.

He said investors remained on a wait-and-see mode pending the release of key economic data such as remittances and foreign reserves.

In a market report, COL Financial said investors still need to grapple with some headwinds which explains the recent volatility in the local markets.

“Nonetheless, with the MSCI rebalancing and GDP announcement being priced-in already as known variables now, the arrival of more vaccines and hopes of economic momentum as NCR Plus moves back to GCQ may gain more traction as the main narrative in the coming weeks. Again, for long-term investors looking to position, be on the lookout for opportunities especially if the market treads its oversold levels,” it said.

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