PH stocks rebound on bargain hunting


Philippine shares closed the week in green territory, driven by a technical rebound following seven consecutive days of declines.

The PSEi increased by 0.44 percent or 34.11 points to 7,807.42. The wider All Shares rose by 0.31 percent or 14.51 points to 4,629.86.

Astro del Castillo, managing director of First Grade Finance Inc., said investors bought stocks at bargain levels.

“Basically, it’s a technical bounce. Some investors opted to hunt for bargains. We’ve been down for the past seven days, so investors scouted for stocks with attractive prices,” Del Castillo said.

“Given the value turnover, trading is still thin. Investors are still cautious, many of them are at the sidelines, watching out for the US economic report.

“They are looking at the economic data from the US which will come out later, so this will give us a hint of the trading next week because this will determine whether the Fed will raise interest rates or not,” he added.

The US non-farm payrolls for August will be released on Friday in Washington.

Financials and industrial sectors declined on Friday, while the four others increased, led by the property as well as the mining and oil sector that gained 53.56 points and 128.23 points, respectively.

Some 1.54 billion shares were traded, valued at P7.69 billion. Gainers outnumbered losers, 117 to 73, while 51 issued closed unchanged.

On Thursday, the PSEi slipped by 0.14 percent or 14.06 points to 7,773.31. The broader All Shares fell by 0.40 percent or 18.53 points to 4,615.35.


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