Stocks resume climb on bargain hunting

MANILA, Philippines — Local stocks sustained their upward trend yesterday as investors continued to hunt for bargains.

The benchmark Philippine Stock Exchange Composite index (PSEi) closed 1.42 percent or 92.54 points higher at 6,594.66.

Regina Capital said sustained bargain hunting activities continued despite global inflation concerns. Some investors were worried that the world economy could ultimately tip into recession.

The sectoral gauges were mostly up except for services.

Total value turnover reached P7.32 billion and market breadth was positive, advancers edged out losers 109 to 88 while 50 issues were unchanged.

Yesterday’s active stocks were led by SM Prime Holdings, which rose 0.82 percent to P36.80 per share.

Shares advanced in Asia yesterday after another wobbly day extended a losing streak on Wall Street.

Hong Kong advanced 2.5 percent  and other regional benchmarks were moderately higher. Oil prices, meanwhile, slipped.

Signs of progress in China’s effort to bring outbreaks of coronavirus under control appeared to be outweighing concern over weaker than expected Chinese economic data for April.

Investors also are watching for comments by Federal Reserve officials that might provide insight into the US economic outlook and future policy moves.

Markets are trying to gauge how companies and consumers are dealing with higher prices and whether central banks can help ease the problem. On Wall Street, the major indexes have been slipping since early April.