Bargain hunting helps market snap losing streak

MANILA, Philippines — The local stock market snapped its five-day slump ahead of the country’s September inflation announcement, with investors capitalizing on bargain stocks.

The benchmark Philippine Stock Exchange index (PSEi) soared by 2.03 percent or 114.18 to close yesterday’s session at 5,743.21.

The broader All Shares index also jumped by 1.46 percent or 45.87 points, settling at 3,198.26.

Luis Limlingan said the PSEi ended higher as buying pressure emerged, particularly among index heavyweights, following five consecutive sessions of declines.

“Investors took advantage of relatively cheaper valuations after the recent sell-off,” he said.

Limlingan said sentiment was also supported as investors likely positioned ahead of today’s inflation print release.

“Positive cues from Wall Street’s closing performance last week driven by a tempered hawkish outlook for the Federal Reserve and weaker-than-expected jobs report also helped in the session,” Philstocks Financial Inc. said in its report.

All sectors were in the green, except for financials, which declined by 0.07 percent.

The services index led the charge with a four-percent jump, followed by property, which gained by 1.75 percent.

Trading was weak as total turnover value stood at P3.74 billion. Foreigners were net buyers with net inflows at P134.2 million.

Decliners edged out advancers, 95 to 85, while 77 issues were unchanged.

ICTSI was the most actively traded stock, rising by 5.23 percent to P905 per share. It was followed by BDO Unibank, which slipped by 0.09 percent to P110.50, and Ayala Corp., which advanced by 1.94 percent to P525.