INVESTORS resumed bargain-hunting on Thursday with the stock market edging back to the 8,200 level,
The benchmark Philippine Stock Exchange index (PSEi) gained 0.56 percent or 45.31 points to close at 8,174.93, while the broader All Shares added 0.40 percent or 19.19 points to finish at 4,800.59.
“Philippine markets traded on a higher note trying to build momentum towards the 8,200 support,” Regina Capital Development Corp. said.
Joylin Telagen, research head at IB Gimenez Securities, Inc., said investors had gone bargain-hunting following recent declines.
“I’m not looking at any market-moving news this week except for the [US Federal Reserve’s] meeting next week,” she said.
“Over the last few days, [the index]was mostly down. I think today’s market reaction was due to bargain hunting of selected stocks.”
Almost all sectoral indices posted gains except for property, which fell by 0.19 percent.
Over 877 million issues valued P5.9 billion were traded.
Gainers narrowly led losers, 97 to 93, while 47 issues were unchanged.