Bargain hunting ends 2-day slump

MANILA, Philippines — The stock market broke out of its two-day slump yesterday as bargain hunters buoyed share prices.

The Philippine Stock Exchange index closed at 6,898.17, up by 0.66 percent or 45.07 points, while the broader All Shares index added 0.57 percent or 20.34 points to settle at 3,598.55.

“Philippines shares made a furious comeback with the quarter drawing to a close, with the help of the region’s strong gains from last week,” Regina Capital’s Luis Limlingan said.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market rose as investors hunted for bargains at the last minute, joining its regional peers in the positive territory.

“Contributing to the climb was Finance Secretary and Monetary board member Ralph Recto’s statement saying that the Bangko Sentral ng Pilipinas may cut interest rates this year by 50 basis points,” Plopenio said.

Plopenio added that Tuesday’s strong net market value turnover of P5.84 billion was higher than the year-to-date average of P5.04 billion.

Sectors in the green were led by property and services, which surged by more than one percent each.

Financials as well as mining and oil, meanwhile, were in the red, losing 0.95 percent and 0.63 percent, respectively.

Decliners edged out advancers in a close contest, 99 to 98, while 48 stocks were unchanged.

Monde Nissin posted the biggest gain among the index members at 6.13 percent, while BDO Unibank lost the most with a 1.50-percent decline.

Asian stocks were mixed yesterday as traders weighed the outlook for US interest rates ahead of the release of a key inflation reading.