Market regains composure on bargain hunting

MANILA, Philippines - Bargain hunters stepped in yesterday, causing the market to regain its composure amid growing fears of a global slowdown.

The benchmark Philippine Stock Exchange index (PSEi) gained 37.58 points, or 0.55 percent, to close at 6,867.92, while the broader All-Shares index climbed 35.12 points to finish at 3,931.44.

But the recent uncertainties such as the nearly five-hour technical glitch experienced by the market on Tuesday continue to hound the market. The Philippine Stock Exchange announced yesterday the resignation of Emmanuel Caintic as chief technology officer effective Sept. 1.

This developed as the Securities and Exchange Commission (SEC) said it is closely monitoring the development in the stock market including the glitches that happened on Aug. 18, 24 and 25, which resulted in three occasions of market trading halt.

SEC chairperson Teresita J. Herbosa said the SEC has ordered the PSE to submit not later than Friday, a full and thorough report on these glitches and trading halts.

PSE president Hans Sicat said investors should keep their faith in the market as the Philippines’ economic fundamentals remain strong.

Advancers edged out gainers, 122 to 58 while 50 stocks were left unchanged.