Bargain hunting helps market snap losing streak

MANILA, Philippines — The stock market roared back into life, snapping its seven-day losing streak as investors capitalized on bargains.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 1.82 percent or 119.56 points to finish the week on a high note at 6,676.65.

The broader All Shares index also closed the session in the positive territory, surging by 2.5 percent or 92.18 points to 3,772.80.

“The PSEi finally corrected higher for the first time after declining for seven straight days since the US presidential election won by Trump. This is considered a healthy upward correction amid some bargain hunting or bottom-fishing activities,” RCBC chief economist Michael Ricafort said.

Sectoral gauges were mostly in the green, except for holding firms, which declined by 0.18 percent.

Industrial and financials led the charge, soaring by 3.46 percent and 3.15 percent, respectively.

Market breadth finally turned out positive as advancers crushed decliners, 146 to 56, while 52 issues were unchanged.

Philstocks Financial research manager Japhet Tantiangco said yesterday’s trading was quite active with net value turnover at P5.83 billion, higher than the year-to-date average of P5.19 billion.

Foreigners were again net sellers with net outflows at P868.17 million.

Meralco was the biggest gainer among the index members with a 7.78-percent increase, while GT Capital lost the most with a 2.3-percent decline.

BDO was the top traded company, rising by 2.75 percent to P141.90 per share, followed by Ayala Land with a 0.87-percent rise to P29.05.