Bargain hunting lifts share prices

MANILA, Philippines — The local stock market bounced back strongly as investors took advantage of bargain stocks.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 1.15 percent or 72.69 points to end yesterday’s session at 6,380.53.

The broader All Shares index likewise jumped by 1.16 percent or 40.37 points, closing at 3,525.99.

“The PSEi rebounded, recovering part of the prior session’s two percent loss as bargain hunting emerged,” AB Capital Securities said.

Luis Limlingan of Regina Capital said the PSEi rebounded after Wednesday’s sharp sell off as investor sentiment improved on hopes of possible talks between Iran and the US, reducing some of the geopolitical concerns.

“Sentiment was further supported after inflation data came in largely in line with expectations, helping calm worries over price pressures. The recovery followed the previous session’s decline driven by fears over escalating Middle East tension,” he said.

All sectors finished in the positive territory, led by mining and oil which spiked by 1.92 percent.

Trading, however, weakened, with total value turnover slipping to P6.25 billion from the previous day’s P8.67 billion.

Advancers squashed decliners, 125 to 72, while 59 issues were unchanged.

ICTSI stayed as the session’s top traded stock, rising by 1.82 percent to P728 per share, followed by BPI which slipped by 0.54 percent to P109.90 and BDO which surged by 2.70 percent to P129.50.