Index gains as investors pick up bargains

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) posted slight gains to start the week, as investors bought stocks at cheaper prices after a period of decline.

AP Securities said local equities cautiously edged higher after marking an intraday low near the psychological support at 6,000, with bargain hunters stepping in to pick up battered blue chips.

The PSEi inched up by 0.24 percent or 14.54 points to cap off yesterday’s session at 6,052.33 points.

The broader All Shares index, however, slipped by 0.08 percent or 2.85 points to end at 3,655.59.

“The PSEi opened the week in positive territory despite persistent trade uncertainties between the United States and China that weighed on global markets,” Luis Limlingan of Regina Capital said.

“The index’s resilience was likely driven by bargain hunting, while investor sentiment was further lifted by the appreciation of the peso against the dollar,” Limlingan said.

Most sectors were in the red, with industrial recording the largest drop at 1.22 percent.

The mining and oil index as well as services index, meanwhile, surged by 2.29 percent and 2.01 percent, respectively.

Total value turnover stooda at P4.92 billion.

Decliners crushed advancers, 121 to 76, while 52 issues were unchanged.

ICTSI was the session’s most active stock, climbing by 3.61 percent to P545 per share, followed by DigiPlus with a 2.88- percent plunge to P23.60 and AREIT with a 1.75-percent gain to P43.50.