Bargain hunters continued to lift the stock market yesterday, sustaining Wednesday’s gains and reversing the downward trend last Monday and Tuesday. AP Photo/Bullit Marquez
MANILA, Philippines – Bargain hunters continued to lift the stock market yesterday, sustaining Wednesday’s gains and reversing the downward trend last Monday and Tuesday.
The benchmark Philippine Stock Exchange index (PSEi) grew 36.67 percent to 0.54 percent to finish at 6,873.31, while the broader All Shares index gained 21.54 points or 0.52 percent to finish at 4,170.64.
Most indices ended in positive territory led by mining and oil counter which gained 271.06 points or 2.23 percent.
Total value turnover reached P6.17 billion. Advancing stocks outnumbered decliners, 113 to 65 while 47 stocks were left unchanged.
Analysts said bargain hunting perked up yesterday’s trading session.
Among the top gainers during yesterday’s session are Oriental Peninsula Resources (up 17.80 percent to P1.39), Dizon Copper Silver Mines Inc. (up 13.18 percent to close at P12.88), Bogo Medellin Milling (up 11.11 percent to finish at P100) and Arthaland Corp. (up 10 percent to close at P0.33 percent).
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However, despite the gains, the PSEi remained below the 7,000 mark.
In an interview yesterday, Philippine Stock Exchange (PSE) president Hans Sicat said the market remains affected by global volatility. “It’s due to external factors,” Sicat said.
Despite the volatility, he expressed optimism that fund raising activity through the local stock market remains a viable option for many companies.
