PSEi rebounds on last-minute bargain hunting

Philippine shares closed in the green on Thursday, helped by last-minute hunt for cheaper stocks.

The benchmark PSEi gained 36.87 points or 0.57% to 6,476.24 at the closing bell. The broader All Shares increased by 13.06 points or 0.35% to 3,799.16.

“Late day bargain hunting sent the local market higher by 36.87 points (0.57%) at 6,476.24,” Philstocks Financial said in a daily market close report.

“Prior to the climb, the market fell to an intra-day low of 6,263.20 following the negative forecast of the Federal Reserve on the US economy for 2020,” it said.

The Federal Reserve has projected that the US economy will contract by 6.5% in 2020 due to the ongoing COVID-19 health crisis.

More than 1.865 billion shares valued at P7.041 billion, changed hands. Decliners led advancers, 117 to 72, and 51 issues were unchanged. —LDF, GMA News