Stocks rise as bargain hunting continues

MANILA, Philippines — Local shares advanced for a second consecutive session as bargain-hunting activities continued.

The bellwether Philippine Stock Exchange index rose by 0.39 percent or 23.89 points to end yesterday’s session at 6,076.22.

The broader All Share index was also in positive territory, settling at 3,668.63, 0.36-percent or 13.04-points higher.

Philstocks Financial research manager Japhet Tantiangco said the local market extended its climb as investors continued with their bargain hunting.

Tantiangco said the recent decline in the local long-term treasury yields amid the dovish outlook of the Bangko Sentral ng Pilipinas likewise continued to help the local bourse.

“The positive cues from Wall Street also gave the market a boost,” Tantiangco said.

Total value turnover improved to P6.17 billion from the previous day’s P4.92 billion. Foreigners were net sellers with net outflows at P345.88 million.

All sectors were in the green, except to services, which fell by 1.11 percent. Mining and oil posted the biggest increase at 2.41 percent.

Market breadth was positive as advancers battered decliners, 102 to 87, while 62 issues did not change hands.

ICTSI remained as the session’s top traded stock, declining by 1.47 percent to P537 per share. It was followed by BDO Unibank (up by 1.78 percent), Apex Mining (up by 5.15 percent), Meralco (up by 1.56 percent) and Ayala Land (up by 0.43 percent).

Most Asian stocks sank yesterday on fresh trade war worries after China imposed curbs on US units of a Korean shipbuilder, dealing a blow to hopes that a flare-up at the weekend had been settled.