Bargain-hunting at the last minute helped the stock market end a roller-coaster week in the green.
The benchmark Philippine Stock Exchange index (PSEi) added 0.09 percent or 4.66 points to close at 5,346.97 on Friday, while the wider All Shares inched up by 0.65 percent 21.18 points to finish at 3,259.66.
In a market comment, Philstocks Financial Inc. said “last-minute bargin-hunting” lifted the bourse, while research associate Japhet Tantiangco noted that the local market extended its gains by 1.53 percent week-on-week.
“Investors continued to take opportunities of the attractive prices brought by the precipitous slide last month that hit a low of 4,039.15,” he explained.
According to Tantiangco, gains made this week are smaller than last week’s 10.21 percent.
“This shows that bargain-hunting has already been tempered [and] selling pressures are already creeping up as worries over the Covid-19’s (coronavirus disease 2019) economic impact weighed on investors’ sentiment,” he said.
Regina Capital Development Corp. Head of Sales Luis Limlingan attributed the slight rise to “hopes for a truce in the price war between Saudi Arabia and Russia,” noting that “a cut in oil output drove gains, taking some sting out of a shocking jump in Americans filing jobless claims due to coronavirus-led lockdowns.”
Wall Street rallied, with the Dow Jones, S&P 500 and Nasdaq jumping by 2.24 percent, 2.28 percent and 1.72 percent, respectively.
Asian markets were mixed. Tokyo inched up by 0.01 percent, Seoul gained 0.03 percent, Jakarta increased by 1.71 percent, Bangkok rose by 0.62 percent and Ho Chi Minh improved by 3.17 percent. Shanghai slipped by 0.6 percent, Hong Kong declined by 0.33 percent and Singapore dropped by 2.16 percent.
In Manila, sectors ended in the green except financials and property. Industrial led the surge at 1.68 percent.
Volume turnover was at 293.30 million, valued at P4.03 billion.
Winners led losers, 98 to 74, while 39 issues remained unchanged.