By Arra B. Francia, Reporter
Shares jumped on Wednesday, June 27, as investors continued to hunt for bargains and fund managers started window dressing their portfolios.
The bellwether Philippine Stock Exchange index surged 2.42% or 169.22 points to close at 7,176.43, managing to close at its record high for the day. The all shares index likewise rose 1.62% or 69.99 points to 4,379.30.
“We are seeing a continuation of bargain hunting of selected oversold stocks. However, it’s just local investors that pushed the index higher. Hopefully we can see this trend until the end of the second quarter,” I.B. Gimenez Securities, Inc. Research Head Joylin F. Telagen said in a text message on Wednesday.
The PSEi managed to defy the performance of regional markets, which moved lower due to concerns on the trade war between the United States and China. Uncertainties on the trade policy between the two countries continued to drag on the sentiments of Asian markets.
Locally, all sectoral indices ended in positive territory, led by property which soared 3.73% or 127.13 points to 3,533.88. Holding firms followed with a 3.05% increase or 209.52 to 7,082.59. Financials advanced 1.17% or 20.53 points to 1,771.20; mining and oil firmed up 0.68% or 65.12 points to 9,621.69; industrial gained 0.42% or 43.08 points to 10,395.36; while services went up 0.4% or 5.47 points to 1,377.10.
Turnover was valued at P6.5 billion after some 675.53 million issues switched hands, higher than the P5.92 billion recorded in the previous session.
Advancers outpaced decliners, 102 to 95, while 43 issues were unchanged.
Foreign investors were back as net sellers, with foreign net outflows recorded at P235.14 million, quickly reversing Tuesday’s net sales of P57.67 million.