Bargain hunting boosts stock market

MANILA, Philippines — Bargain hunting propelled the stock market to open the week on a high note after last week’s steep drop.

Following a huge sell-off last Friday, the Philippine Stock Exchange index advanced by 0.45 percent or 30.97 points to close at 6,853.29 yesterday.

The broader All Shares index was also off to a good start for the week, advancing 0.29 percent or 10.43 points to settle at 3,570.89.

“After the steep decline last Friday, the local bourse went up as investors sought bargains,” Claire Alviar of Philstocks Financial said.

“The growth of overseas Filipinos’ cash remittances by 2.7 percent year-on-year in January provided optimism as well,” she added.

Alviar, however, said investors remained cautious ahead of the US Federal Reserve meeting this week as net market value turnover stood at P4.68 billion.

“In the Philippines, there are no significant economic events scheduled for release this week, resulting in a quieter economic calendar for the region,” Luis Limlingan of Regina Capital said.

Local sectors were mostly in the green, led by financials, which gained by 2.95 percent.

Services and holdings firms were the only ones on the losing end, dropping by 1.05 percent and 0.40 percent, respectively.

Advancers edged out decliners, 101 to 97, while 39 issues were unchanged.

Ty-led Metropolitan Bank & Trust Co. recorded the biggest increase among index members at 6.83 percent, while LT Group Inc. lost the most at 6.31 percent.

Among the most actively traded stocks were BDO (up 3.38 percent), BPI (up 1.77 percent), ICTSI (down 2.48 percent), Ayala Corp. (down 0.23 percent), and SM Investments (0.10 percent).