Bargain hunting saves market from back-to-back losses

MANILA, Philippines —  Bargain hunters came to the rescue yesterday, preventing what could have been back-to-back losses for the local stock market.

The benchmark Philippine Stock Exchange index finished higher by 0.56 percent or 40.26 points to 7,280.24 despite spending most of yesterday’s session in the red.

The broader All Shares index also jumped by 0.48 percent or 19.27 points, settling at 3,996.58.

Philstocks Financial research manager Japhet Tantiangco said late day buying sent the local market higher.

“Investors hunted for bargains with robust third quarter/first nine months corporate results giving sentiment a boost,” he said.

However, Tantiangco said trading was tepid as investors were still in a cautious mode amid lingering downside risks, including the peso’s weakness and uncertainties over the upcoming elections in the United States.

He said that yesterday’s net value turnover at P5.12 billion was lower than the year-to-date average of P5.17 billion.

Most sectors were in the green, led by financials which surged by 1.09 percent.

Holdings firms and property were the only losers, declining by 0.10 percent and 0.003 percent, respectively.

Market breadth stayed negative as decliners edged out advancers, 99 to 88, while 58 shares were unchanged.

Among index members, Metrobank posted the biggest gain at 5.23 percent, while GT Capital lost the most at 2.91 percent.

ICTSI was the session’s top traded company, rising by 0.48 percent to P415 per share, followed by BDO which climbed by 1.91 percent to P160.