Philippine stocks end 2-day slump on bargain-hunting

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The local stock barometer rose on Monday, bucking the trend in regional markets, as investors hunted for bargains among select blue chips following the main index’s two-day slump last week.

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The Philippine Stock Exchange index (PSEi) climbed 53.19 points or 0.78 percent to 6,870.90, while the wider all shares index was up 25.89 points or 0.63 percent at 4,111.97 points.

”Over the longer-term, the market remains within the top 10-percent range of the 10-year index trading band. Even at its worst, the measure fell to no less than the 70-percent range, indicating sustained confidence in the prospects for equities,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.

Calaycay said buying in stocks that reported robust first-quarter earnings provided support to the market.

Property was up 31.72 points or 1.17 percent to 2,753.72, while mining and oil rose 126.64 points or 0.79 percent to 16,156.52. Holding firms were higher, rising 63.09 points or 1.02 percent to 6,222.82, while services inched up 2.01 points or 0.10 percent to 2,048.97. Industrials advanced 29.23 points or 0.28 percent to 10,391.07.

Trading volume thinned to 1.7 billion shares valued at P8.17 billion. Advancers outnumbered decliners 98 to 69, while 43 issues were unchanged.

The day’s most actively traded stocks were led by BDO Unibank Inc., which gained 0.17 percent to P88.65; Metropolitan Bank & Trust Co., which gained 1.96 percent to P88.50; Puregold Price Club Inc., which was down 5.59 percent at P42.25; SM Investments Corp., which rose 1.50 percent to P11. 50; and Alliance Global Group Inc., which added 3.28 percent to P0.95.

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