Stock market rises on bargain-hunting
The stock market regained some strength on Tuesday, returning to the 7,000 territory as investors resorted to bargain-hunting.
The bellwether Philippine Stock Exchange index (PSEi) gained 0.29 percent or 20.33 points to close at 7,007.21. The wider All Shares, on the other hand, dipped 0.05 percent or 2.10 points to finish at 4,309.31.
Regina Capital Development Corp. Managing Director Luis Limlingan said investors shopped for cheap issues after eight consecutive days of losses.
The local market bucked declines elsewhere in the region.
“The market seems likely to see more pressure as more exchange on United States-China trade tension [is expected]… and more western corporates commented [that they would]… be impacted by trade tariffs,” Limlingan said.
Arbee Lu, analyst at Papa Securities Corp., said that a rebound could be in the offing but said further declines were likely given a 6,600 support level.
Foreign funds staged a turnaround on Tuesday, buying P3.09 billion and selling P3.03 billion for a net foreign buying position of P57.6 million.
Over 707 million issues valued P5.9 billion changed hands.
Market breadth remained negative as 127 decliners beat 78 advancers while 41 issues remained unchanged.
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