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Business

Philippine stocks buck regional downtrend on bargain hunting

Lawrence Agcaoili, Iris Gonzales - The Philippine Star
Philippine stocks buck regional downtrend on bargain hunting
The broader All Shares index rose by 6.23 points or 0.20 percent to finish at 3,114.13.
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MANILA, Philippines — Philippine stocks bucked the regional downtrend on last-minute bargain hunting, rising by 42.08 points or 0.73 percent to settle at 5,783.15.

Likewise, the broader All Shares index rose by 6.23 points or 0.20 percent to finish at 3,114.13.

Total value turnover, however, remained remarkably thin at P3.9 billion. Market breadth was negative, 139 to 51 while 43 issues were unchanged.

Mikhail Plopenio, researcher at Philstocks Financials, said last-minute bargain hunting pushed the main index upward. “Bargain hunting came after the local bourse traded in the red territory for the most part of the day. As a result, the PSEI was able to sustain its position above its immediate support at the 5,700 level,“ he said.

Plopenio said reports of narrower fiscal deficit in August and the growth of bank lending were cheered by investors.

“However, ongoing headwinds such as the peso’s weakness and recession worries kept many investors on the sidelines which resulted in weak trading,” he said.

The peso slumped to a new all-time low of 59 to $1 yesterday from 58.625 on Friday.

This erased the previous record low of 58.99 to $1 last Sept. 27. Volume plunged by 37 percent to $666.7 million from Friday’s $1.06 billion.

ANZ Research said headwinds would carry on against the peso as the greenback continues to edge higher supported by the jumbo rate hikes delivered by the US Federal Reserve.

It said the Bangko Sentral ng Pilipinas has been participating in the foreign exhange markets to smoothen the volatility of the peso.

Meanwhile, Asian stocks slipped yesterday as investors await key US jobs data while girding themselves for a corporate earnings season many fear will highlight the impact of surging inflation and interest rates. – AFP

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