Bargain hunting continues to boost index

MANILA, Philippines - Share prices went up for a second straight session yesterday on continued bargain hunting, analysts said.

The Philippine Stock Exchange index (PSEi) rose 1.35 percent or 90.44 points to 6,800.84 from yesterday’s close at 6,710.40.

Astro del Castillo, First Grade Finance Inc. managing director said positive news such as the announcement of new infrastructure projects boosted sentiment.

“There were a couple of positive reports such as the announcement of government of certain projects. This took off the heat from the market and encouraged investors to go back to the bourse,” said Del Castillo.

The National Economic and Development Authority (NEDA) recently announced that its Board approved seven new infrastructure projects amounting to P45.04 billion.

Most of the counters were in the green except for the mining and oil sector, which fell by 0.25 percent to 15,469.49.

The property sector went up by 1.40 percent, followed by industrials, 1.34 percent; holding firms, 1.25 percent; and services, 0.75 percent. 

Advancers beat decliners, 104 to 71, while 43 issues were unchanged. Value turnover amounted to P7.51 billion as 1.34 billion shares changed hands. Most actively traded stocks were Belle, Metrobank, Megaworld and SM Investments.  

Top gainers were Sinophil, Southeast Asia Cement, TKC Steel and Primex.