INVESTORS went bargain-hunting on Monday, lifting the benchmark index despite continued US-North Korea tensions.
The Philippine Stock Exchange index (PSEi) snapped a four-day losing streak to close the day up 33.69 points or 0.43 percent to 7,962.12. The broader All Shares jumped 0.52 percent or 24.23 points to finish at 4,706.04.
“[The] Philippines … looked to a positive start on Wall Street’s leads on some bargain hunting, but as expected it was a muted bounce given tension between US and North Korea is still escalated,” Regina Capital Development Corp. said in a note.
The Dow Jones Industrial Average firmed by 0.07 percent on Friday (US time), the S&P 500 grew 0.13 percent, and the tech-heavy Nasdaq gained 0.64 percent.
Summit Securities, Inc. President Harry Liu said the market was trading sideways while looking for more substantial news.
“But some issues are okay … such as Bloomberry Resorts Corp., and Cebu Landmasters, Inc. Market continues consolidation,” he noted.
Joylin Telagen, research head at IB Gimenez Securities, said bargain-hunting could continue ahead of the release of second quarter gross domestic product results on Thursday.
Positive news could see the PSEi retesting the 8,000 level, she added.
All market indices posted gains on Monday, led by the property sector that rose by 1.06 percent.
Market volumes were thin with only 764 million issues valued at P5.1 billion traded.
Advancers led losers by 106 to 96 while 47 issues were unchanged.