Bargain hunting snaps two-day losing streak

MANILA, Philippines — Share prices snapped a two-day slump as bargain hunters helped the stock market end the month in positive territory.

The benchmark Philippine Stock Exchange index rose by 0.19 percent or 12.73 points to settle at 6,619.09 yesterday, while the broader All Shares index added 0.28 percent or 9.94 points to close at 3,597.71.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the stock market corrected higher yesterday after declining for two straight trading days.

“Philippine shares closed modestly higher following consecutive sessions of profit taking to closed the month of July. Price action got a boost from Wall Street as traders rotated out of megacap technology stocks and braced for the Federal Reserve’s monetary policy decision,” Regina Capital’s Luis Limlingan said.

Claire Alviar of Philstocks Financial said the local bourse gained along with its Asian peers as investors bought bargains after two consecutive days of market decline.

“Investors were also awaiting the US Federal Reserve’s meeting to gauge the future direction of interest rates and to know how dovish the Fed’s stance might be,” she said.

Net market value turnover improved to P5.2 billion from the previous day’s P4.13 billion.

All counters finished in the green except for property, which fell by 1.24 percent.

Mining and oil recorded the biggest increase of 1.66 percent, followed by industrial with a 0.98-percent increase.

At the end of the session, market breadth was positive as advancers edged out decliners, 92 to 86, while 63 issues did not change.

ACEN led the charge among index members with a 4.77-percent surge, while Wilcon Depot lost the most with 2.23 percent.