Index advances on sustained bargain hunting
MANILA, Philippines - The stock market continued its advance for the fourth consecutive session yesterday on the back of sustained bargain hunting.
The Philippine Stock Exchange index (PSEi) rose 0.52 percent, or 39.61 points, to close at 7,550, while the broader All Shares index added 0.39 percent, or 16.91 points, at 4,325.79.
“Large caps benefited from bargain hunting, following the sharp sell-off earlier in the week,” said Jason Escartin, investment analyst at F Yap Securities.
Escartin said the increase was still limited overall as foreign funds continued to rotate in and out of equities.
Asian shares in general moved in the same direction, posting moderate gains following flat overnight results in Wall St.
Local shares, meanwhile, were mixed at three apiece. Holding firms led the way for counters in the green with a 1.07 percent hike, while mining and oil companies posted the largest decline for the day at 0.70 percent.
Decliners edged out advancers, 87 to 74, while 42 stocks did not change.
Value turnover, meanwhile, improved to P8.36 billion from P7.11 billion the previous day.
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