Bargain hunting lifts Phl stocks

MANILA, Philippines - Bargain hunting lifted the main index back to the 6,800 level anew, bucking downturn in other Asian markets.

The Philippine Stock Exchange index climbed 0.79 percent or 45.41 points to 5,812.54, nearly matching its 2012 closing of 5,812.73. The broader all shares index gained 0.60 percent or 21.29 points to 3,564.05.

“There was a divergence in the local stocks’ movement compared with neighboring Asian countries,” BPITrade.com director Richard Anthony Liboro said in a phone interview.

“It was due to us being oversold since last week so there were a lot of bargain hunting,” Liboro said, adding that local investors supported share prices yesterday.

In contrast, Asian markets traded cautiously ahead of the two-day policy meeting of the US Federal Open Market Committee (FOMC), which will decide on the fate of the monetary stimulus.

Japan’s Nikkei 225 shed 1.62 percent or 250.20 points to 15,152.91 while Hong Kong’s Hang Seng index slipped 0.56 percent or 131.30 points to 23,114.66.

Locally, all counters, save for mining and oil that declined 1.88 percent or 221.42 points to 11,562.57, were in the green. The advancers were led by industrial firms that jumped 1.36 percent or 113.70 points to 8,455.36.

Turnover value eased to P5.49 billion compared with P9.31 billion on Friday. Gainers outpaced losers, 80 to 69, while 39 stocks did not change.