Stocks eke out gains, back at 6,900

MANILA, Philippines — The stock market eked out gains to move back up to the 6,900 level as investors continued to hunt for bargains.

The Philippine Stock Exchange index closed the final trading day of March with a 0.08 percent or 5.36 percent increase at 6,903.53.

The broader All Shares index likewise went up by 0.25 percent or 8.96 points to finish the month at 3,607.51.

“Philippine stocks remained rather flat, maintaining its level above the 6,900 mark. The move comes as the market ends its shortened trading week,” Luis Limlingan of Regina Capital said.

Limlingan said traders are currently waiting for data on US economic growth, consumer sentiment and jobless claims to be released before the US market closes on Good Friday.

Claire Alviar of Philstocks Financial said last-minute bargain hunting buoyed the local bourse anew yesterday.

“The market mostly traded in the red following the negative cues from the US markets overnight, while maintaining a cautious stance ahead of the long weekend. But still, investors took the chance to buy at bargain levels,” Alviar said.

Yesterday’s net market value turnover stood at P5.34 billion.

Financials and industrial were the only sectors in the green, rising by one percent and 0.74 percent, respectively.

The rest of the sectors fell, led by services, which declined by 0.76 percent.

Topping the index members was Century Pacific Food Inc., which climbed by 8.7 percent, while DMCI Holdings lost the most after retreating by 6.89 percent.