Market rebounds on bargain hunting

MANILA, Philippines — Bargain hunting lifted stocks to close the week in the positive territory.
The benchmark Philippine Stock Exchange index (PSEi) finished yesterday’s session at 6,147.44, up by 0.13 percent or 7.93 points to 6,147.44.
The broader All Shares index also inched up by 0.13 percent or 4.59 points to settle at 3,666.95.
“Investors hunted for bargains as the market has been in the negative territory for the most part of the week,” Philstocks Research said in a report.
“Foreign investors also entered the market with net inflows at P70.34 million, helping in the climb,” it said.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected slightly higher after the narrower trade deficit as well as the reduction of the banks’ reserve requirement ratio took effect yesterday.
Net value turnover further thinned to P3.26 billion, which Philstocks Research said reflected the weak confidence toward the market amid the global trade uncertainties.
Sectors were mixed, with property leading the charge with a 0.95-percent jump, while financials posted the biggest decline at 0.27 percent.
Advancers triumphed over decliners, 110 to 75, while 46 stocks did not change.
BPI was the top traded stock, improving by 0.07 percent to P134.60 per share, followed by BDO Unibank, which remained at P154.
Auto companies once again took the brunt of the selling on another tough day for markets yesterday after President Donald Trump announced steep tariffs on vehicle imports to go with a wave of other US levies next week.
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