PH shares up 0.70% on bargain-hunting

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SHARE prices on the Philippine Stock Exchange (PSE) rebounded on Monday as investors picked up bargains after the market fell sharply last week.

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Regina Capital Development Corp. Managing Director Luis Limlingan said the local market “resumed its bargain-hunting mode after the sharp selldown … last Friday.”

The benchmark index climbed 61.53 points, or 0.78 percent, to close at 7,943.75. The broader All Shares gained 28.06 points or 0.60 points at 4,732.21.

Summit Securities Inc. President Harry Liu described the market as consolidating and waiting for a strong catalyst to push it higher.

The market basically mirrored trading on Wall Street over the weekend as investors welcomed the Federal Reserve interest rate increase of 25 basis points to a range of 1 percent to 1.25 percent, Liu said.

“Then, the Marawi war, wala namang [there is no]additional crisis for now. It looks like it’s under control,” he said.

There was “selective buying in oversold stocks,” IB Gimenez Securities research head Joylin Telagen said.
“For this week, though, I think it will be back to retest the 8,000 level,” she added.

All sectoral indices closed in the green. Holding firms led gains by 1.23 percent, Industrials surged by 1.05 percent, Property climbed 0.76 percent, Financials added 0.22 percent, the Services sector was up 0.08 percent, and Mining and Oil firmed by 0.04 percent.

Among the most actively traded issues, Universal Robina Corp. rallied 2.99 percent. Wilcon Depot Inc. advanced 2.64 percent, and SM Investments Corp. climbed 2.26 percent.

More than 1.3 billion shares, valued at P7.08 billion, were traded. Losers outnumbered gainers, 102 to 91, while 49 issues were unchanged.

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