Bargain hunting boosts Phl stocks

MANILA, Philippines - Bargain hunting and optimism over the continuity of US Federal Reserves’ stimulus measures lifted local share prices for the third straight session yesterday.

The Philippine Stock Exchange index (PSEi) rallied 2.83 percent or 179.36 points to settle at 6,518.77, while the broader all shares index jumped 2.26 percent or 88.99 points to 4,031.42.

“Bargain hunting on selected counters helped push shares higher,” said Jonathan Ravelas, chief market strategist at BDO Unibank Inc.

Ravelas added that market players are optimistic that the US Fed will not yet pull out its monthly bond buying program.

“Positive sentiment in the global market continues to influence us,” said Astro C. del Castillo, managing director of First Grade Finance Inc.

On Monday, Wall Street advanced amid thin trading as investors expect the continuity of the stimulus program. The US Fed is holding a two-day policy meeting on Tuesday and Wednesday.

Blue chip Dow Jones industrial average added 0.7 percent or 109.67 points to 15,179.85 while the broader Standard & Poor’s 500 index gained 0.8 percent or 12.31 points to 1,639.04.

Locally, all counters closed in positive territory, paced by holding firms that spiked 3.8 percent or 213.91 points to 5,845.23.

“News on strong overseas Filipino remittances contributed to the renewed confidence,” del Castillo said.