PH bargain-hunting lifts index to 7100 level
SHARE prices rallied anew in morning trade on Wednesday as investors continued to hunt for bargains among oversold issues.
At the noon break, the bellwether Philippine Stock Exchange index was up 1.53 percent or 106.86 points at 7,114.07. The broader All Shares had added 1.03 percent or 44.17 points to 4,353.48.
Summit Securities, Inc. President Harry Liu said traders continued to pick up oversold stocks following eight straight sessions of decline.
“Right now, as long as the economic fundamentals are stabilizing and there is a looking-forward activity, then it will rally,” he said, referring to the second-quarter corporate earnings results ahead.
“Peso-dollar [exchange]is steady at this level. Interest rates have already been implemented. So it’s just looking for the company performances in the next few months,” he added.
Industrial firms were the sole loser among the market sectors, down 0.32 percent. ANGELICA BALLESTEROS
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