PSEi up 0.23% on bargain-hunting

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PHILIPPINE share prices rose for the second successive trading day as investors picked up bargains.
The benchmark PSEi gained 18.42 points or 0.23 percent to close at 7,952.92. The wider All Shares index was up 0.06 percent or 2.67 points at 4,755.68.

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Juanis Barredo, COL Financial vice president for sales, said that despite the losses by telecommunications giant PLDT Inc., the market finished higher as PSEi components Metro Pacific Investments Corp., GT Capital Holdings, and SM Prime Holdings registered gains.

“We shall continue to see mixed moves because the market is close to the major resistance level. It may trade between those highs and the 7,718 support,” Barredo added.

Joseph Roxas, president of Eagle Equities Inc., said the market was not that strong because of attemps by President Rodrigo Duterte to extend martial law in Mindanao until the end of the year.

“A bit disappointed because of [such moves],” he said.

Duterte sent his message to the Senate on Monday, with a more detailed letter expected to be delivered to the House of Representatives.

Nearly all sectoral indices posted gains, led by Property (0.83 percent), Mining and Oil (0.53 percent), Financials (0.40 percent), Holding Firms (0.15 percent), and Industrials (0.14 percent). The Services sector was the only loser, falling by 1.36 percent.

More than 3.9-billion issues changed hands, valued at P6.49 billion.

Gainers led losers, 104 to 94, while 57 issues closed unchanged.

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