PSEi up on bargain-hunting
Credit to Author: TYRONE JASPER C. PIAD| Date: Wed, 28 Aug 2019 17:34:38 +0000
The stock market snapped a four-day losing streak on Wednesday as investors opted to bargain-hunt for blue chips.
The benchmark Philippine Stock Exchange index (PSEi) climbed by 1.29 percent or 100.12 points to finish at 7,847.50, while the wider All Shares rose 0.89 percent or 42.01 points to end at 4,748.81.
“We saw some minor gains in blue-chips that were sold off heavily yesterday (Tuesday). This allowed the main index to end higher today (Wednesday),” AAA Equities head of research Christopher Mangun said.
“This proves yet again that 7,750 is the turning point, and if this level holds, there may be some hope for the market,” he added.
Despite the recovery, Mangun flagged the net foreign selling of P552 million.
“Foreign investors continue to exit our market,” he noted.
Mangun sees the bourse trading between the 7,750 and 7,920 level until the end of this month.
For his part, Regina Capital Development Corp. head of sales said “Philippine shares were bought up this time after being aggressively oversold yesterday as investors viewed the local market in a less volatile state than the rest of the region.”
The local bourse’s closing contrasted sharply with its US peers, with the Dow Jones, S&P 500 and Nasdaq down by 0.47 percent, 0.32 percent and 0.34 percent, respectively.
Asian markets were mixed. Tokyo, Seoul and Thailand rose by 0.11 percent, 0.86 percent and 0.09 percent, respectively. Meanwhile, Shanghai, Hong Kong and Singapore dropped by 0.29 percent, 0.19 percent and 0.36 percent respectively.
In Manila, all sectors ended in the green, except for mining and oil, which slid by 0.15 percent.
Volume turnover stood at 1.38 billion, valued at P8.36 billion.
Winners led losers, 118-83, while 47 issues were unchanged.