Bargain-hunting lifts PSEi from bear territory
A Friday rebound lifted the stock market from bear territory, with investors said to have gone bargain-hunting and sentiment also boosted by overnight gains on Wall Street.
The Philippine Stock Exchange index (PSEi) surged by 3.48 percent or 248.27 points to close at 7,383 while the broader All Shares increased by 2.16 percent or 95.44 points to finish at 4,507.40.
A cumulative 20-percent decline from January 9’s all-time high of 9,058.62 had pushed the PSEi into bear territory last Wednesday. A 89.5-point loss the following day pulled it further down to the 7,100 level.
Summit Securities, Inc. President Harry Liu said many stocks were oversold following days of market declines, prompting investors to pick up bargain issues.
Investor sentiment, said First Grade Finance Inc. President Astro del Castillo, was also boosted after the Dow and the S&P 500 posted record closes on Thursday.
Regional markets followed suit. Shanghai surged by 2.5 percent, with reports of Chinese economic stimulus measures contributing, while Hong Kong also increased 1.73 percent, Singapore was up 1.15 percent and Tokyo grew 0.82 percent.
Back in Manila, all sectoral indices registered gains with the financials sector up the most by 4.72 percent.
Volume turnover reached 1.2 billion issues valued at P11.6 billion.
Advancers led decliners, 114 to 86, while 43 issues were unchanged.
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