• Bargain hunting lifts stocks

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    A much active bargain hunting among investors on Wednesday brought back the Philippine benchmark stock index near the 6,000-point level amid still relatively flat sentiment in the market.

    Elizabeth Abadillo of Angping and Associates Securities Inc. said in a text message that the market went up because of bargain hunting.

    “Basically, the market is still flat. It’s a technical bounce and bargain hunting [pushed the index up],” Astro del Castillo, First Grade Finance managing director, said.

    On Wednesday, the Philippine Stock Exchange index (PSEi) went up for the fourth straight day, rising by 0.55 percent, or 32.56 points to end at 5,961.55.

    The wider all-shares index was somewhat buoyant with a 0.42-percent gain, or 15.09 points to 3,637.06.

    Except for industrial and mining and oil, majority of the sectoral indices increased slightly.

    Holding firms went up by 0.96 percent, or 52.82 points to 5,536.98, while services gained 0.88 percent, or 16.27 points to 1,868.02.

    Financials also registered an improvement, increasing by 0.32 percent, or 4.55 points to 1,443.06, while the property counter rose by 0.09 percent, or 1.95 points to 2,221.23.

    Mining and oil, however, didn’t make it to the green side, losing 0.29 percent, or 34.01 points to 11,647.34, while industrial went down 0.18 percent, or 15.81 points to 8,678.51.

    Total value turnover stood at P6.8 billion with advancers still outnumbering decliners, 76 to 69.

    Some of the top gainers on Wednesday were Alliance Global Group Inc., D&L Industries Inc., Metropolitan Bank and Trust Co., Universal Robina Corp., Filinvest Land Inc., Ayala Land Inc., Aboitiz Equity Ventures Inc., Melco Crown (Philippines) Resorts Corp. and DMCI Holdings Inc.

    On Tuesday, the PSEi surged by 2 percent, or 116.45 points to 5,928.99, while the broader all-shares barometer climbed by 1.63 percent, or 57.92 points to 3,621.97.

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