Market sustains uptick on bargain hunting

MANILA, Philippines — The stock market sustained its uptick for a second straight session yesterday on another round of bargain hunting among investors.

The Philippine Stock Exchange index climbed by 1.13 percent or 73.15 points to end at 6,523.19.

The broader All Shares index followed suit, rising by 0.77 percent or 26.30 points to close at 3,456.32.

“The local market rose due to sustained bargain hunting. Investors continued to take opportunities from the market’s recent steep decline,” Philstocks Financial research and engagement officer Mikhail Plopenio said.

Plopenio said fueling the positive sentiment was the resurfacing of rate cut hopes as Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. stated the possibility of monetary easing starting in the fourth quarter.

“Local investors continued to bargain hunt into the Philippine equities market,” Regina Capital’s Luis Limlingan said.

“Locally, sentiment was boosted as investors digested positively the upward gross domestic product growth forecast revision of the IMF,” he said.

Net value turnover improved  to P5.91 billion, higher than the previous day’s P5.33 billion and the year-to-date average of P5.09 billion. Mining and oil sector was the sole loser, dropping by 1.63 percent. Services and financials, meanwhile, rose by 2.61 percent and 1.74 percent, respectively.

Market breadth was positive as advancers crushed decliners, 107 to 76, while 43 issues were unchanged.

In a market development, property giant Megaworld Corp. said it raised P500 million from a block sale transaction. Megaworld sold 40.65 million common shares of MREIT Inc. at an offer price of P12.30 per share under a block sale transaction. Proceeds from the block sale will be settled on April 22, 2024.