Stocks surge as investors hunt for bargains

MANILA, Philippines — The local stock market posted significant gains to kick off the first trading day of the month on a high note as investors shopped for bargains following last week’s slump.

The benchmark Philippine Stock Exchange index (PSEi) surged by 1.86 percent or 108.52 points to close the session at 5,942.16.

The broader All Shares index also ended higher by 0.89 percent or 29.41 points at 3,349.61.

“The PSEi started the week higher after heavy selling pressure last Thurs day, as bargain hunting emerged across select index names,” Luis Limlingan of Regina Capital said.

Limlingan said market sentiment improved as more companies released their first quarter earnings, providing fresh cues for investors amid cautious trading conditions.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected higher ahead of the ASEAN Leaders’ Summit in Cebu from May 8 to 19 that would showcase the Philippines in terms of trade, investments, energy and food supplies.

All sectors were in the green, except for mining and oil, which dipped by 0.11 percent.

Services led the charge, soaring by 4.36 percent, followed by industrial, which jumped by 1.04 percent.

Total turnover value stood at P6.52 billion.

Advancers edged out decliners, 102 to 91, while 66 issues were unchanged.

ICTSI was the most actively traded stock, skyrocketing by 6.06 percent to P753 per share, followed by BDO Unibank and SM Investments which rose by 0.70 percent and 0.83 percent, respectively, to P115 and P611.