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Business

Bargain hunting lifts share prices  

Iris Gonzales - The Philippine Star
Bargain hunting lifts share prices   
This file photo shows the main board of the Philippine Stock Exchange.
File

MANILA, Philippines — Share prices pivoted upward yesterday, tracking gains in Wall Street as well as other Asian markets, as bargain hunters returned to pick up oversold stocks.

“Local market rebounded as bargain hunting in battered down heavyweights such as SM (up 4.16 percent), SMPH (up 3.86 percent), ALI (up 4.68 percent), AC (up 3.99 percent) and AEV (up 5.1 percent) pushed the index in positive territory,” AB Capital Securities said in a note.

The Philippine Stock Exchange index or PSEi  jumped by 152.33 points or 2.51 percent to 6,217.56 while the broader All Shares index rose by 52.90 points or 1.61 percent to end at 3,337.63.

Value turnover improved to P4.53 billion although foreign net selling continued at P335 million. Market breadth was likewise positive with 112 gainers, 62 losers and 47 unchanged.

Shares were also  higher around Asia, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses.

Market players are looking ahead to US inflation data due next week. They appeared to shrug off preliminary data showing a moderation in activity in several countries including Japan.

“Philippine stocks rallied to close the week stronger, buoyed by slipping yields as the market continued to assess recession possibilities. Economic data will be a key focus tonight as investors try to determine if the US economy is falling into a recession.” Regina Capital said in a commentary.

In another development,  the Philippine Stock Exchange, the operator of the local bourse, officially closed its trading floor in Taguig to pave the way for a full shift to floorless trading.

PSE president and CEO Ramon Monzon said the move is in response to rapid technological advancements that have made a floorless trading set-up efficient and responsive to the needs of the investing public.

“The shift to digitalization and automation was driven partly by the pandemic. It has resulted in trading participants now conducting their trading activities offsite, he said.

SM

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