Bargain hunting lifts shares anew

MANILA, Philippines — Share prices sustained its rally yesterday on continued bargain hunting among investors.

The Philippine Stock Exchange index gained for a third consecutive session, rising by 1.01 percent or 65.95 points to end at 6,572.75.

The broader All Shares index likewise grew by 0.48 percent or 16.56 points to settle at 3,463.46.

Claire Alviar of Philstocks Financial said investors continued to buy stocks at bargain levels while awaiting catalysts.

The National Economic and Development Authority (NEDA) sees inflation easing in the second half of the year.

“Additionally, NEDA Secretary Arsenio Balisacan’s outlook on inflation, in which he sees it starting to ease in the second half as food price pressures are seen to diminish by then, contributed to the positive sentiment,” she said.

Luis Limlingan of Regina Capital said Philippine shares continued to rebound, nearing the 6,600 level “as investors applauded the so far, so good earnings results of US-listed companies.”

“Across the region, investors breathed a collective sigh of relief following Iran’s statement that it will not further escalate its conflict with Israel,” Limlingan said.

The net market value turnover thinned to P3.72 billion from Tuesday’s P4.2 billion.

All sectors were in the positive territory, except for financials, which dropped by 0.09 percent.

Holdings firms led those in the green, rising by 1.81 percent. Industrial and holding firms likewise grew by more than one percent each.

Market breadth was positive as advancers edged out decliners, 111 to 99, while 52 issues were unchanged.

DMCI Holdings posted the biggest gains among the index members with a 5.74-percent increase, while PLDT lost the most at 0.96 percent.