Bargain hunting snaps market’s 4-day slump

MANILA, Philippines —   The Philippine Stock Exchange index (PSEi) broke out of its four-day slump as investors gobbled  up bargain stocks.

The benchmark PSEi advanced by 0.46 percent or 27.30 points to end yesterday’s session at 5,920.70.

The broader All Shares index, however, finished in the opposite direction, declining by 0.12 percent or 4.03 points to 3,335.85.

Luis Limlingan of Regina Capital said the PSEi ended higher after four straight days of decline on selective bargain hunting.  

“However, market participants still looked to remain engaged in short-term positions amid cautious sentiment. Gains were trimmed in the afternoon session as selling pressure resurfaced, limiting the market’s upside,” he said.

All local counters were in the green, except for the industrial index, which fell by 0.61 percent.

Total turnover value went up to P6.58 billion from the previous day’s P5.67 billion.

Market breadth was negative as decliners squashed advancers, 99 to 69, while 65 issues were unchanged.

ICTSI was the session’s most actively traded, climbing by 2.13 percent to P817 per share. It was followed by banking heavyweights BPI, which jumped by 2.76 percent to P89.50 and BDO, which slipped by 0.87 percent to P114.

Meanwhile, shares surged in Seoul, Tokyo and other Asian markets yesterday, fuelled by hopes of a Middle East peace accord and by negotiations averting a planned strike at Samsung Electronics.

Rallies in tech equities also drove gains, as Elon Musk’s SpaceX filed for what could be the largest initial public offering in history.

South Korea’s benchmark Kospi index closed 8.4 percent higher and Japan’s Nikkei index ended the day 3.1 percent up, after Iran said it was examining a new US proposal to end the war.  –  AFP