Phl stocks rally today on bargain hunting

MANILA, Philippines (Xinhua) - Investors found an opportunity to reposition on the Philippine stock market, sending it rallying today.

Bargain hunting pulled up the Philippine stock market by 2.10 percent or 128.18 points to 6,242.26, while the broader all-share index rose by 1.64 percent or 62.89 points to 3,897.76.

Trading volume reached 1 billion shares worth P10.86 billion ($253.67 million) with 111 stocks advancing, 50 declining and 41 unchanged.

All six counters were up.

"The composite index bounced off Thursday's steep drop, partially recovering some of its losses from the previous bloodbath as foreign selling halted today," brokerage DBP-Daiwa Securities, Inc. said.

The brokerage said foreigners were net buyers, albeit by only around P30 million ($700,000).

Nevertheless, 2TradeAsia.com said now that the Philippine equities have cracked below the 6,300 psychological support barrier, participants might remain at bay to check if supply pressure has already weakened.

"Fears of potential shift in portfolio choices remain high," 2TradeAsia.com said, adding that this is an "aberration" as fundamentals towards growth remain sound.

The online brokerage advises investors to trade cautiously, but stay alert for buying windows.

Stocks in the 30-company index were mostly up. These include Alliance Global Group, Inc., SM Investments Corp., and heavyweight Philippine Long Distance Telephone Co.