Bargain-hunting lifts PSEi by 0.26%


SHARE prices recovered from intra-day losses as investors went bargain-hunting, with the bellwether Philippine Stock Exchange index gaining 0.26 percent or 21.88 points to close at 8,365.11.

The wider All Shares added 0.12 percent or 5.75 points to finish at 4,889.12.

“Philippine markets kept to bargain hunting despite the light trading value due to the Thanksgiving holidays [in the Unites States],” a Regina Capital Development Corp. analyst said.

With US markets closed, the analyst said investors factored in the release of the minutes of last month’s European Central Bank (ECB) meeting where some policymakers wanted a clear end-date to bond purchases.

“Investors hence focused on the ECB minutes as there was little direction from the US,” he said.
Friday’s rise was in line with stock market gains elsewhere in the region.

In Manila, services, and mining and oil were the only sectors that posted declines for the day.
Over 1.8 billion issues valued at P9.1 billion changed hands.

Decliners outnumbered gainers, 102 to 87, while 52 issues were unchanged.


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