Bargain hunting pushes PSEi back to 6,000 level

THE MAIN INDEX returned to the 6,000 level on Thursday for the first time in a week as bargain hunting after a two-day slump boosted buying activity, even as the market stayed cautious amid lingering uncertainties.

The Philippine Stock Exchange index (PSEi) rose by 1.14% or 68.25 points to close at 6,015.03, while the broader all shares index went up by 0.96% or 32.44 points to end at 3,393.57.

“The local bourse rebounded above 6,000 level…, supported by late-session buying pressure that lifted the market into positive territory. Despite the recovery, investor sentiment remained cautious as trading activity stayed thin throughout the session,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Market participants continued to adopt a selective approach amid lingering local and global uncertainties.”

“The local market bounced back as investors hunted for bargains following two consecutive days of decline. Trading was tepid, however, amid low confidence due to the lingering issues, from domestic politics, to macroeconomic concerns, to the situation in the Middle East,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

The Philippine Senate president said on Thursday that the lawmaker wanted by the International Criminal Court, Ronald M. dela Rosa, was no longer in the Senate building, Reuters reported. This comes a day after gunfire rang out at the Senate where he had taken refuge fearing his arrest.

Mr. dela Rosa, the former national police chief and top enforcer of ex-President Rodrigo R. Duterte’s bloody “war on drugs,” has been under Senate protection and is wanted for crimes against humanity, the same charges Mr. Duterte is accused of.

Meanwhile, Iran’s foreign minister urged BRICS nations on Thursday to condemn what he called violations of international law by the United States and Israel, including “their illegal aggression against Iran.”

Most sector counters closed higher on Thursday. Mining and oil jumped by 2.44% or 447.32 points to 18,728.07; financials increased by 1.64% or 29.88 points to 1,842.43; holding firms went up by 1.64% or 73.28 points to 4,524.4; services climbed by 1.02% or 30.06 points to 2,963.32; and property rose by 0.66% or 12.68 points to 1,932.09.

Meanwhile, industrials fell by 0.05% or 4.55 points to 8,769.50.

Advancers outnumbered decliners, 98 to 85, while 65 names were unchanged.

“Bank of the Philippine Islands was the day’s index leader, jumping 7.73% to P94.80. Emperador, Inc. was the worst index performer, declining 3.27% to P15.36,” Mr. Tantiangco said.

Value turnover fell to P5.01 billion on Thursday with 442.68 million shares traded from the P7.61 billion with 734.05 million issues that changed hands on Wednesday.

Net foreign buying increased to P467.74 million from P284.85 million. — Alexandria Grace C. Magno with Reuters