Bargain-hunting brings holiday cheer to market

MANILA, Philippines — Investors brought some holiday cheer to the local stock market ahead of a two-day break.

With investors capitalizing on bargain stocks, the benchmark Philippine Stock Exchange index (PSEi) soared by 2.01 percent or 128.53 points to settle at 6,534.91.

The broader All Shares index was also on a festive mood, rising by 1.4 percent or 51.40 points to close at 3,727.23.

“Shares finally bounced back as investors prepare for the last trading week of the year,” Luis Limlingan of Regina Capital said.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi gained for the second straight day on possible window-dressing activities before the accounting yearend.

The Philippine equities market will be closed today and tomorrow in observance of Christmas Eve and Christmas Day, respectively. Trading will resume on Thursday.

Net value turnover amounted to P3.99 billion.

All sectors finished the session in the green, led by industrial with a 2.97-percent jump.

The property as well as mining and oil indexes also gained by more than two percent each.

Market breadth was positive as advancers squashed decliners, 110 to 72, while 53 issues were unchanged.

ICTSI was yesterday’s top traded company, climbing by 2.05 percent to P398 per share, followed by BDO with a 0.35-percent increase to P145.10.

Ayala Land saw a significant jump of 5.85 percent to P26.25 per share.