PSEi bucks regional downturn as bargain hunters return

MANILA, Philippines — The stock market recovered yesterday, bucking the regional downtrend as investors returned to hunt for bargains.

The benchmark Philippine Stock Exchange index (PSEi) gained 99.14 points, or 1.24 percent, to finish at 8,043.07, while the broader All Shares index rose 45.11 points or 0.93 percent to end at 4,858.82.

All other indexes, likewise ,ended in positive territory with the mining and oil leading the pack with a  3.25 percent increase.

Total value turnover, however, remained thin at P5.939 billion.

Advancing stocks, meanwhile, outpaced decliners, 108 to 94 while 45 issues were left unchanged.

Traders said investors decided to hunt for some bargains, taking advantage of the market’s recent decline to below the 8,000 mark.

The stock market yesterday bucked the trend among Asian stocks, which were down after Wall Street experienced some weakening.

Most Southeast Asian stock markets were down yesterday on worries of potential US military action in Syria soured risk appetite.  Wall Street fell overnight as US President Donald Trump warned Russia of military action in Syria over a suspected poison gas attack.

The issue has raised the prospect of direct conflict over Syria between the US and Russia.