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PSEi still over 8K on bargain-hunting

June 14, 2019

SHARE prices recovered from intra-day losses on Thursday as investors resorted to bargain-hunting.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.26 percent or 20.78 points to close at 8,051.76. The wider All Shares grew by 0.13 percent or 6.44 points to end at 4,914.12.

Brokerage firm Philstocks Financial Inc. said market-players hunted for bargain issues despite ongoing global trade tensions and tempered policy rate cuts.

Regina Capital Development Corp. head of sales Luis Limlingan also pointed to bargain-hunting as having buoyed the index during the day.

Gabriel Jose Perez, sales associate at P2P Trade Online, said with the index’s momentum and recovery, the market is likely to retest today the 8,139 level.

The local market traded in contrast to its US peer, whose three main indices fell overnight.

In the region, meanwhile, Tokyo dropped 0.46 percent, Hong Kong slipped 0.05 percent, Seoul dropped 0.27 percent, and Jakarta declined 0.16 percent.

Shanghai inched up 0.05 percent, Singapore grew 0.11 percent, and Bangkok was up 0.04 percent.

In Manila, sectoral results were mixed, with the mining and oil and property indexes the only losers, down 2.06 percent and 0.07 percent, respectively.

More than 968 million issues were traded valued at P8.65 billion.

Losers led winners, 104 to 82, while 52 issues were unchanged.

Credit belongs to : www.manilatimes.net

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