Bargain hunting shores up PH shares

The local bourse managed to plug the bleeding on Tuesday as bargain hunters came to the rescue, fueled by positive cues from the United States.

At the same time, however, mining stocks tumbled due to the falling price of gold.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.33 percent, or 19.40 points, to end at 5,953.16, snapping its two-session losing streak.

Likewise, the broader All Shares Index climbed by 0.22 percent, or 7.78 points, to close at 3,589.51.

A total of 1.18 billion shares worth P4.64 billion changed hands, stock exchange data showed.

The index closed in the green territory as investors bought battered blue chips, said Japhet Tantiangco, research head at Philstocks Financial Inc.

Apart from this, Tantiangco noted that good news in Washington, including a possible rate cut and a favorable trade deal with Beijing, also boosted the PSEi.

Mining stocks were the biggest losers, with Nickel Asia Corp. falling by 8.24 percent to P3.45 and OceanaGold (Philippines) Inc. losing 5.37 percent to P25.55.

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Meanwhile, banks benefited from optimism on interest rate cuts.

BDO Unibank Inc. was the top-traded stock as it climbed by 2.67 percent to P134.50, while Bank of the Philippine Islands rose by 1.46 percent to P104 each.

Gainers edged out losers, 95 to 94, while 62 companies closed flat, stock exchange data also showed.