Bargain hunting lifts index above 6,300

MANILA, Philippines —  Share prices rebounded,  with the main index climbing back above the 6,300 level after investors shopped for bargain stocks.

The benchmark Philippine Stock Exchange index gained by 0.45 percent or 28.44 points to end yesterday’s session at 6,313.12.

The broader All Shares index also finished in the green, rising by 0.71 percent or 26.26 points to settle at 3,749.35.

“The local market bounced back as investors hunted for bargains supported by appreciation for corporate fundamentals,” Philstocks Financial research manager Japhet Tantiangco said.

Tantiangco said foreigners were net buyers during the session, with net inflows at P392.22 million, supporting the market’s rise.

Net value turnover declined slightly to P5.51 billion from the previous day’s P6.82 billion.

Sectors remained mixed, with financials posting the biggest jump at 1.35 percent, while mining and oil found itself at the bottom, plunging by 1.26 percent.

Market breadth was positive as advancers edged out decliners, 93 to 88, while 63 issues were unchanged.

Among the index members, Globe Telecom led the charge, gaining by 4.76 percent, while Alliance Global Group lost the most with a 2.95-percent drop.

Emperador was the most actively traded, increasing by 0.17 percent to P11.92 per share, followed by BPI which soared by 2.53 percent to P138.

Meanwhile, equity markets in the region were mixed and gold hit another record high yesterday as trade war worries cast a shadow and geopolitical concerns returned to the fore.