Index gains as investors gobble up bargain stocks

MANILA, Philippines — The stock market snapped its three consecutive losing streak, opening the week in positive territory as investors hunted for bargains.

The Philippine Stock Exchange index climbed by 0.56 percent or 36.94 points to settle at 6,652.49 yesterday, while the broader All Shares index gained 0.52 percent or 18.34 points to close at 3,516.51.

“Local equities closed Monday on a positive note as market participants await the release of inflation and GDP figures. Additionally, investors are monitoring the ongoing corporate earnings report releases here at home,” Regina Capital’s Luis Limlingan said.

Claire Alviar of Philstocks Financial said investors bought bargain stocks near the support level of 6,600 following three consecutive days of market decline.

“Moreover, positive cues from the US markets last Friday lifted the sentiment at home amid growing optimism that the Federal Reserve will soon cut rates,” Alviar said.

Net market value turnover amounted to P4.02 billion.

All sectors were in the green, except for property, which posted a slight dip of 0.02 percent.

Industrial posted the biggest increase of 1.30 percent, followed by services and mining and oil which added 1.25 percent and 1.15 percent, respectively.

Market breadth was positive as advancers crushed decliners, 112 to 74, while 50 issues were unchanged.

Leading the index members was Universal Robina Corp. which increased by 5.74 percent, while Semirara Mining and Power Corp. posted the biggest drop of 1.98 percent.