Shares rebound on bargain hunting

MANILA, Philippines —   Investors went on bargain-hunting mode yesterday to power the local stock market to a win after a two-day decline.

The bellwether Philippine Stock Exchange index (PSEi) advanced by 0.24 percent or 15.27 points, finishing the session at 6,283.12.

The broader All Shares index also improved by 0.17 percent or 5.72 points to end at 3,427.07.

AB Capital Securities said the PSEi briefly tested 6,300 several times but failed to hold above it as turnover remained subdued.

For Philstocks Financial Inc., the local market was able to bounce back mainly due to bargain hunting.

It said sentiment remained cautious as reflected in the market’s thin value turnover of P4.99 billion.

At the end, foreigners were net sellers with net outflows at P76.61 million.

“The cautious backdrop is attributed to the downside risks caused by the US-Iran war, including the rise in global prices and the weakening of the peso against the dollar,” Philstocks Financial said.

Sectors were mixed, with those in the green having the slight advantage.

Financials posted the biggest gain at 1.2 percent, while mining and oil lost the most with a 1.1-percent decline.

Advancers edged out decliners, 93 to 85, while 59 issues were unchanged.

ICTSI was the day’s top traded stock, slipping by 0.31 percent to P957 per share. It was followed by Ayala Corp., which grew by 0.62 percent to P490, and Ayala Land, which shed 0.47 percent to P16.84.

Among index members, Semirara Mining and Power posted the highest jump at 5.1 percent, while DigiPlus was the worst performer, falling by 3.04 percent.