Bargain hunting saves market from correction

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Ending almost on the brink of a correction, Philippine shares still managed to stay in the green for the sixth straight day.

The Philippine Stock Exchange index (PSEi) slightly rose by 0.10 percent on Wednesday, or 6.28 points to 6,112.31, but the wider all-shares index went down by 0.19 percent, or 7.21 points to 3,703.10.

According to Angpin and Associates Securities Inc. analyst Elizabeth Abadillo, the local market was saved by bargain hunting among investors ahead of the corporate earning results.

She also said that the market is still somehow clinging on external developments, with US stocks still performing good.


Wall Street rose of the fourth straight session, fueled by comments from US Federal Reserve Chairman Janet Yellen in Congress that she expects to continue predecessor Ben Bernanke’s plan to gradually wind down its bond-buying and keep interest rates low until the jobs market improves significantly.

Some sectoral indices sustained their gaining momentum. Property fell by 1.03 percent, or 23.99 points to 2,298.35, while mining and oil had a 0.38-percent drop, or 52.58 points to 13,818.70. Holding firms ended negatively flat at 0.07 percent, or 3.78 points to 5,508.81.

Still, industrial was somehow consistent, rising slightly by 0.68 percent, or 61.29 points to 9,038.06, while financials went up a bit by 0.52 percent, or 7.85 points to 1,513.83. Services increased by 0.42 percent, or 7.97 points to 1,899.21.

Market activity also improved further with total value turnover ending at P7.9 billion. However, decliners beat advancers, 83 to 63, while 48 issues were unchanged.

Some of the actively traded stocks on Wednesday were SM Investments Corp., Megaworld Corp., Metropolitan Bank and Trust Co., Universal Robina Corp., Philippine Long Distance Telephone Co., Ayala Land Inc., BDO Unibank Inc., Aboitiz Equity Ventures Inc., Bank of the Philippine Islands and Metro Pacific Investments Corp.

On Tuesday, the local stock market went up after optimism within global markets influenced Philippine shares anew. The PSEi went up by 1.06 percent, or 63.78 points to 6,106.03, while the broader all-shares index climbed by 0.90 percent, or 33.01 points to 3,710.31.

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