PSEi breaks bearish streak on bargain–hunting

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SELECT Philippine equities broke a bear run in the past few days on the Greece and China issues, as bargain-hunters scoured the market for relatively cheap buys.

The main PSEi gained 14.26 points or 0.19 percent to 7,377.69, while the All Shares added 5.21 points or 0.12 percent to 4,219.35.

More than 7.523 billion shares, valued at P8.45 billion, changed hands.

However, decliners outnumbered advancers, 101 to 81, while 42 issues were steady.


“Bargain-hunting helped local stocks recover from a decline that saw PSEi break its 7,300 support level early in the day,” said Jason Escartin, investment analyst at F. Yap Securities Inc.

“While local sentiment remained somewhat pessimistic, additional measures from Chinese authorities aimed at calming the sell-off in their markets also helped buoy equities across the region,” he added.

Despite the technical glitches on the New York Stock Exchange overnight, Philippine shares were able to register gains on Thursday, said PSE President and Chief Executive Officer Hans B. Sicat.

“The suspension of trading at the New York Stock Exchange, arising from technical issues, highlights the need for bourses to be prepared for any eventuality. At the PSE, we are very mindful of this and we are always anticipating possible risks,” Sicat said.

“External factors have provided selling pressure in the past few days. While these events weigh on the stock market at this time, we remain optimistic that share prices will recover eventually with positive corporate and economic developments providing the impetus for the uptrend.

“We hope that investors, especially foreign funds, will revisit the fundamentals of the Philippine market and see the bright prospect it has to offer,” Sicat added.

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