PSEi rises on bargain hunting

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PSEi rises on bargain hunting

Bargain hunting for index stocks enabled the local bourse to return to the positive territory on Wednesday.

The bellwether Philippine Stock Exchange index (PSEi) rose by 1.77 percent or 112.67 points to its intraday high of 6,469.14, while the broader All Shares climbed 1.21 percent or 47.18 points to end at 3,957.50.

Philstocks Financial Inc. research associate Claire Alviar attributed the market’s rebound to bargain hunting for PSE index stocks with only five losers recorded on Wednesday.

“Bargain hunting of the heavyweights helped the climb today with SM Investments Corp. and SM Prime Holdings Inc. went to the top six gainers,” Alviar said.

Net market value turnover was also higher at P4.96 billion from yesterday’s P4.2 billion, but still remained below the year-to-date average of P8.6 billion.

“Most investors are still on the sidelines, waiting for the next quarantine measures after April 30, which is expected to be announced later today,” Alviar explained.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said investors began early window dressing and bought ahead of more corporate earnings releases.

Limlingan added that others are “keeping positive” with the proposal for a “flexible” modified enhanced community quarantine.

All local sectors were in the green with the holding firms index gaining the most at 2.33 percent.

Total volume turnover was at 2.91 billion shares valued at P5.31 billion.

Advancers led decliners, 111 to 70, while 65 securities were unchanged.