Bargain hunt brings PSEi near 6,000 level
The Philippine Stock Exchange index rose further and came close to the 6,000 level on strong buying interest and bargain hunting.
By the closing bell, the local stock barometer climbed by 1.12 percent or 66.32 points to reach 5,997.13.
Meanwhile, the broader All Shares Index rose by 2.5 percent or 83.5 points to end at 3,418.52.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse sustained its upward movement as buying pressure persisted throughout the session.
“Market sentiment improved after a favorable balance of payments, easing some concerns over external pressures. Overall, investors reacted positively, supporting the index’s movement,” Limlingan said.
Japhet Louis Tantiangco, research manager at Philstocks Financial Inc., said bargain hunting, along with the recent government data on the country’s foreign exchange transactions, lifted the local bourse.
“The local market rose further as investors continued with their bargain hunting. Investors also digested the Philippines’ balance of payment position last October…,” Tantiangco said.
Data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s balance of payments (BOP), which tracks all foreign exchange inflows and outflows, posted a surplus of $706 million in October.
The figure was the largest surplus since February, when inflows surpassed outflows by $3.1 billion.
Per the central bank data, the country’s 10-month BOP remained at a deficit, registering at $4.6 billion.
Among the sectors, mining and oil dipped 1.29 percent. On the other hand, holding firms took the lead with a 2.18-percent jump.
