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Bargain-hunting lifts PSEi by 0.69%

THE stock market climbed back to the 7,400 level on Monday as investors resumed bargain-hunting ahead of the Federal Reserve and the Bangko Sentral ng Pilipinas’ (BSP) monetary policy meetings.

The Philippine Stock Exchange index (PSEi) rose by 0.69 percent or 50.61 points to close at 7,433.61 while the broader All Shares grew 0.53 percent or 24.12 points to end at 4,531.52.

Philstocks Financial Inc. research analyst Japhet Louis Tantiangco said market players loaded their portfolios in anticipation of fresh Fed and BSP rate hikes.

US policymakers are set to conduct a two-day meeting on September 24 and 25 while the BSP will meet on September 27.

Papa Securities Corp. trader Gabriel Jose Perez echoed the view, adding that participants were in a wait-and-see mode.

“The market…operated under thin volume. Thus, the sustainability of the rally is questionable,” Tantiangco added.

Regional markets were mixed. Tokyo grew by 2 percent, Shanghai rose 2.5 percent, Seoul increased 0.68 percent, while Singapore and Bangkok inched up 0.02 percent.

Only Hong Kong and Jakarta were in the red, dropping by 1.62 percent and 1.30 percent, respectively.

In Manila, sectoral results were mixed with the industrial and property sectors down 0.46 percent and 0.53 percent, respectively.

Volume turnover stood at 1.3 billion issues valued at P4.6 billion.

Losers led winners, 97 to 95, while 42 issues were unchanged.

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