PSEi rises on late bargain hunting

MANILA, Philippines — Bargain hunting toward the end of session sent the Philippine Stock Exchange index (PSEi) higher yesterday.

The PSEi ended the trading day at 5,976.64, up by 0.46 percent or 27.42 points.

The broader All Shares index, however, closed in the negative territory, declining by 0.33 percent or 11.47 points to 3,466.21.

Luis Limlingan of Regina Capital said that the local bourse moved relatively flat and quiet for yesterday’s session as investors remained cautious.

“Market participants are closely monitoring the upcoming Bangko Sentral ng Pilipinas and Fed policy decisions as traders are likely waiting for clearer signals before taking stronger positions,” Limlingan said.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi again corrected higher amid bargain-hunting activities by some long-term investors.

Ricafort said the Bangko Sentral ng Pilipinas is widely expected to slash interest rates by another 25 basis points tomorrow.

Total turnover value kicked off the week on a high note at P10.55 billion.

Sectoral gauges were a mixed bag, with property leading the charge with a 1.62-percent gain, while mining and oil took the biggest hit with a 2.50-percent drop.

Market breadth was negative as decliners pummeled advancers, 132 to 83, while 48 issues were unchanged.

ICTSI was the top traded stock, climbing by 2.21 percent to P600 per share, followed by BDO Unibank and DigiPlus which fell by 2.28 percent and 9.95 percent, respectively, to P120 and P19.90.

“The main index completely turned on its head last minute as foreign investors stepped in to support ICTSI’s ascend to a new all-time high and end up at P600,” AP Securities Inc. said.Capital said that the local bourse moved relatively flat and quiet for yesterday’s session as investors remained cautious.

“Market participants are closely monitoring the upcoming Bangko Sentral ng Pilipinas and Fed policy decisions as traders are likely waiting for clearer signals before taking stronger positions,” Limlingan said.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi again corrected higher amid bargain-hunting activities by some long-term investors.

Ricafort said the Bangko Sentral ng Pilipinas is widely expected to slash interest rates by another 25 basis points on Thursday.

Total value turnover kicked of the week on a high note at P10.54 billion.

Sectoral gauges were a mixed bag, with property leading the charge with a 1.62-percent gain, while mining and oil took the biggest hit with a 2.50-percent drop.

Market breadth was negative as decliners pummeled advancers, 132 to 83, while 48 issues were unchanged.

ICTSI was the top traded stock, climbing by 2.21 percent to P600 per share, followed by BDO Unibank and DigiPlus which fell by 2.28 percent and 9.95 percent, respectively, to P120 and P19.90.