PHL stocks climb on last-minute bargain hunting

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PSE bells

THE MAIN INDEX ended Thursday’s session with gains as dampened investor sentiment was offset by last-minute bargain hunting.

The bellwether Philippine Stock Exchange index (PSEi) rose 66.44 points or 1.05% to 6,348.45. The broader all shares index picked up 15.89 points or 0.43% to 3,714.29.

The index was down in the earlier parts of the session, sinking as deep as 6,205.25 intraday, until it climbed to reach and close at its high of 6,348.45.

“Local shares were bought up towards closing as investors monitored signs of a revival of the coronavirus pandemic in some US states and China, while still hoping for a quick economic recovery as business activity resumes,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

After reopening its economy weeks ago despite the ongoing coronavirus disease 2019 (COVID-19) pandemic, six US states reported their highest new COVID-19 cases, The Guardian reported Wednesday.

Beijing has also raised emergency in the city again after recording a surge in new cases since it relaxed lockdown measures in the past weeks.

The global COVID-19 tally has reached 8.35 million as of Thursday, where 449,027 has so far been killed based on data by Johns Hopkins University’s Coronavirus Resource Center.

Worries over the “second wave” dampened investor sentiment, but prospects of an economic rebound due to the easing quarantine measures triggered some optimism.

US markets ended mixed on Wednesday: the Dow Jones Industrial Average and S&P 500 indices slipped 0.65% and 0.36%, respectively, while the Nasdaq Composite index improved 0.15%.

Asian markets were also mixed on Thursday. Japan’s Nikkei 225 and Topix indices fell 0.45% and 0.25%, respectively, while China’s Shanghai SE Composite and Shenzhen CSI 300 indices rose 0.12% and 0.67%, respectively.

At the PSE, four of six sectoral indices ended the session in green territory. Property gained 57.34 points or 1.84% to 3,168.13; holding firms added 76.53 points or 1.17% to 6,591.04; industrials increased 14.57 points or 0.18% to 7,775.19; and financials climbed 1.85 point or 0.14% to 1,258.67.

Closing in red territory were mining and oil, which shed 36.05 points or 0.71% to 5,042.91; and services, which slid 0.07 point to 1,417.52.

Value turnover stood at P10.44 billion on Thursday with 2.77 billion issues switching hands, higher than the previous day’s P8.09 billion with 1.26 billion issues.

Decliners outpaced advancers, 124 against 69, while 46 names ended unchanged.

Offshore investors ended Thursday’s session as net buyers. Net foreign buying stood at P544.06 million from the previous day’s net foreign selling of P1.17 billion. — Denise A. Valdez