PSEi snaps five-day sell-off on bargain hunting

Share prices on the Philippine Stock Exchange snapped a five-day losing streak on Thursday as investors combed the market for bargains in an oversold situation.

The benchmark PSEi gained 59.51 points or 0.79 percent to 7,617.42 at the closing bell. The broader All Shares increased by 22.62 points or 0.49 percent to 4,618.05.

Stocks were trading in the red most of the day and with the main index hitting an intra-day low of 7,529.13 before turning green towards the end of the session.

“We’ve seen some bargain hunting, which rendered the market to recoup its early losses towards the close,” Asiasec Equities Inc. chief equity strategist Manny Cruz said.

“The market has been on oversold levels and the sell-off was remarkable recently,” Cruz noted.

IB Gimenez Securities head of research Joylin Telagen noted that bargain hunting lifted the market.

“However, I’m still advising investors to stay cautious as there are a lot of data due like US GDP (gross domestic product) and central bank’s policy meeting,” Telagen said.

Foreign funds bought P2.538 billion shares and sold P3.026 billion for a net selling position of P488.040 million.

More than 780.933 million shares valued at P5.108 billion, changed hands. Advancers led decliners, 112 to 89, and 39 issues were unchanged. —VDS, GMA News