English
Philippines: Local bargain hunters push up stock prices
MANILA, Philippines — After plunging deeper into bear market territory on Tuesday, the stock market recovered yesterday, indicating that investors are again on a fighting stance and ready for some bargains.
The benchmark Philippine Stock Exchange index (PSEi), the stock market gauge, gained 78.51 points or 1.10 percent to finish at 7,210.87 while the broader All Shares index rose 24.17 points or 0.54 percent to finish at 4,422.97.
The rest of the counters likewise recovered with the property and mining and oil indices among the biggest gainers.
Total value turnover, however, was still thin at P5.444 billion. Advancers won by just a notch, 93 to 92, while 60 issues were left unchanged.
“Local shares rallied at the run-off phase as bargain hunters dominated the market led by locals. Foreigners still shied away from the local bourse in light of persistent headwinds,” said Philstocks Financials.
Traders said foreign investors are generally still wary of Philippine stocks because of the persistent worries on inflation.
Inflation for September will be released on Friday and monetary authorities already indicated this may reach a fresh nine year high of 6.8 percent from the record 6.4 percent in August. Inflation has been going up because of rising oil prices and tight food supply particularly rice.
Source: https://www.philstar.com/business/2018/10/04/1856967/local-bargain-hunters-push-stock-prices#WUgDyw1IgTjXIfmG.99