Market rallies on last minute bargain hunting

MANILA, Philippines — The benchmark Philippine Stock Exchange index rallied yesterday, surging by 119.18 points, or 1.55 percent, to settle at 7,773.12.

Likewise, the broader All Shares gauge rose by 39.98 points, or 0.87 percent, to finish at 4,598.83.

All sectors finished in positive territory except for the industrial index, which lost 1.37 percent.

Total value turnover reached P13.15 billion. Market breadth was negative with 92 losers against 78 losers, while 55 issues were left unchanged.

Philstocks Financials said last minute bargain hunting propped up the local market.

“Conglomerates led gainers surging by 2.57 percent. Industrials were the only losers falling 1.38 percent. Decliners edged advancers 92 to 78,” Philstocks said.

Luis Limlingan of Regina Capital gave this comment: “The index succumbed to major losses during the early session on account of the FTSE rebalancing, along with recent news of US President Donald Trump’s impeachment by the House and the mixed US economic data.”

However Limlingan said last minute bargain hunting propped up the index.

“Investors took the opportunity to bargain hunt while waiting for developments in the trade negotiations between China and the US, while the latter’s political uncertainty went unnoticed by investors,” he said.

Other factors watched by investors included oil prices.

“Oil prices rose again peak in nearly three months, supported by the previous day’s news that U.S. crude inventories declined and as the trade tension between Beijing and Washington continued to ease,” he said.