Index turns green as investors pick up bargains

MANILA, Philippines — Stock market investors returned to the market yesterday to hunt for bargains, allowing the index to enjoy its first positive finish since Thursday last week.

The benchmark Philippine Stock Exchange index rose 69.74 points, or 0.90 percent, to close at 7,793.13.

Likewise, the broader All Shares gauge jumped 24.62 points, or 0.52 percent, to end at 4,720.58.

Most counters ended in the green except for the mining and oil and the services sectors.

Total value turnover reached P7.3 billion.

However, market breadth was still negative as decliners numbered 107 while advancing stocks totalled 103. Forty issues were left unchanged.

Ayala Land Inc. which held its annual stockholders’ meeting yesterday had the highest net foreign buying with P156.6 million.

In a briefing after its annual stockholders’ meeting, ALI officials said the company is expanding in Malaysia after raising its stake in a Malaysian property company MCT Bhd.

Gio Perez, trader at Papa Securities,said the index’s rise was accompanied by the highest net foreign buying figure since January at P443.2 million.

“A value turnover of P7.3 billion, slightly higher than yesterday’s P7 billion, also supported the index’ first green day since Thursday last week,” Perez said.