Bargain-hunting, peso boost PSEi
THE stock market recovered on Tuesday as investors hunted for bargain issues while cheering a peso recovery.
The bellwether Philippine Stock Exchange index (PSEi) grew by 0.87 percent or 60.51 points to close at 6,987.02 while the broader All Shares gained 0.31 percent or 13.13 points to finish at 4,289.71.
Philstocks Financial Inc. research analyst Japhet Louis Tantiangco said bargain-hunting primarily boosted trading as market players took positions on battered stocks.
He said investors also welcomed the peso’s strengthening as the currency returned to the P53:$1 level on Tuesday, adding 12 centavos to close at P53.96 versus the greenback.
“The sustainability of the rally, however, is questionable. Value turnover is still thin and foreign fund flows are still not in our favor,” Tantiangco noted.
Gabriel Jose Perez, trader at Papa Securities Corp. said “lower” net foreign selling also contributed.
Foreign funds bought P2.87 billion and sold P3.09 billion for a net selling position of P223 million, lower than the P738 million foreign selling on Monday.
All sectoral indices closed in the green with industrials up the most by 1.47 percent.
Volume turnover stood at 425 million issues valued at P4.7 billion.
Winners led losers, 100 to 83, while 51 issues were unchanged.
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