PSEi edges up as investors buy bargains

MANILA, Philippines — The local stock market snapped a three-day losing streak as investors hunted for bargains.

The bellwether Philippine Stock Exchange index (PSEi) advanced by 0.32 percent or 19.46 points, closing yesterday’s session at 6,026.01.

The broader All Shares index also improved by 0.24 percent or 8.06 points to settle at 3,349.75.

“The PSEi ended in the green following a series of declines, as sentiment improved after international markets posted gains and oil prices showed some relief,” Luis Limlingan of Regina Capital said.

“However, the market remained cautious amid hints of a possible rate hike, with investors staying selective in buying,” Limlingan said.

RCBC chief economist Michael Ricafort said Finance Secretary and Monetary Board member Frederick Go said the Bangko Sentral ng Pilipinas may raise interest rates in its next meeting if oil prices continue to rise.

Sectoral gauges were mixed, with services leading those in the green with a 1.03 percent gain, while property lost the most with 0.86 percent.

Total value turnover thinned to P7.44 billion from the previous day’s P9.53 billion.

Decliners edged out advancers in the close contest, 95 to 92, while 53 issues were unchanged.

ICTSI was the top traded stock, rising by 1.29 percent to P704 per share, followed by BPI and Jollibee, which climbed by 0.25 percent and 2.53 percent, respectively, to P100 and P186.20.