Shares rebound on bargain-hunting

MANILA, Philippines — The local stock market bounced back following a huge sell-off the previous day, closing the week on a positive note as investors capitalized on bargains.

The benchmark Philippine Stock Exchange index (PSEi) rose by 1.38 percent or 86.6 points to close at 6,352.12.

The broader All Shares index also finished in the win column, rising by 0.76 percent or 27.95 points to 3,703.73.

Analysts attributed yesterday’s climb mostly to bargain hunting, especially following Thursday’s 1.03-percent drop.

RCBC chief economist Michael Ricafort said that the PSEi also gained ahead of the implementation of the maximum suggested retail price of imported rice on Jan. 20, coupled with the slightly better dollar-peso exchange rate lately.

Net value turnover thinned to P4.1 billion from P5.8 billion the previous day.

Foreigners were net sellers with net outflows at P97.37 million.

All counters capped off the session in the green, led by financials with a 2.77-percent surge. Holdings firms also had a strong performance, rising by 1.12 percent.

Advancers edged out decliners, 100 to 82, while 59 issues were unchanged.

BDO Unibank was the top index gainer and the most actively traded company, jumping by 5.07 percent to P145, while Monde Nissin lost the most among index members, declining by 4.9 percent to P6.80.

Asian markets were mixed yesterday as data showing China’s economy grew slightly quicker than expected last year failed to inspire investors, with Beijing battling to revive consumption and boost the battered property sector.