Stocks extend gains on bargain hunting

MANILA, Philippines —  Sustained buying pressure fueled another victory for the local stock market, extending its winning streak to a third consecutive session.

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.68 percent or 40.48 points to end yesterday’s session at 5,953.17.

The broader All Shares index also increased by 0.22 percent or 7.44 points to 3,339.32.

Luis Limlingan of Regina Capital said the market ended in the green as buying pressure continued to persist.

According to Limlingan, bargain hunting and follow-through demand largely drove the gains after recent weakness.

“The local market also tracked positive regional cues, as improved risk appetite supported buying interest across Asian equities,” Limlingan said.

All sectors, however, were in the red, except for services, which climbed by 3.74 percent.

Industrial and holding firms were the biggest losers, dropping by 1.18 percent and 1.15 percent, respectively.

Market breadth was negative as decliners overpowered advancers, 103 to 75, while 56 issues were unchanged.

Total turnover value expanded to P8.04 billion from the previous day’s P6.79 billion.

ICTSI was again the session’s top traded stock, surging by 5.42 percent to P875 per share. BDO Unibank jumped by 2.1 percent to P116.50, while BPI slipped by 0.16 percent to P92.85.

Global stocks mostly rose on the back of continued demand for all things linked to artificial intelligence.

Unease on trading floors has risen this week after reports in Iran said it had broken off contact over Israel’s attacks on Lebanon, which US President Donald Trump denied on Tuesday.- AFP