Bargain hunting pushes PSEi higher

MANILA, Philippines —  The local stock market survived with another victory as investors sustained their bargain-hunting activities. The benchmark Philippine Stock Exchange index advanced by 0.52 percent or 31.67 points to close the session at 6,158.33.

The broader All Shares index also grew by 0.6 percent or 20.42 points, settling at 3,428.03.

“The local bourse mirrored positive cues from ASEAN peers as investors took advantage of attractive valuations of select issues following the recent market selloff triggered by the ongoing Iran conflict in the Middle East,” AP Securities Inc. said.

Local sectors were mixed, with those in the green with the dominant position, led by mining and oil, which surged by 4.66 percent.

Holding firms and financials, meanwhile were in the red, losing by 0.79 percent and 0.43 percent, respectively.

Total turnover value stood at P7.95 billion, slightly higher from the previous day’s P7.49 billion.

Market breadth was positive as advancers pummeled decliners, 131 to 66, while 57 issues were unchanged.

ICTSI was the session’s top traded stock, climbing by 2.82 percent to P730 per share, followed by BPI which declined by 0.78 percent to P102.20 and DigiPlus which soared by 7.62 percent to P19.20.

In a CNBC interview, PSE president and CEO Ramon Monzon said he expects speculation on oil prices to affect the market moving forward.

“What our market will be watching out for really is what is the duration of this conflict in the Middle East,” Monzon said.