PSEi rallies past 6,400 on bargain hunting
Philippine stocks ended the week on a strong note as bargain hunters returned to the market, with investors positioning ahead of the release of second-quarter corporate earnings.
The benchmark Philippine Stock Exchange Index climbed 1.25 percent or 78.96 points to close at 6,404.11 on Friday.
Philstocks Financial Inc. said the rally was driven by bargain hunting as some investors took positions in anticipation of satisfactory second-quarter corporate results.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse stayed in positive territory as investor sentiment remained upbeat amid a constructive outlook for the Philippine economy.
“Optimism was supported by expectations that factory activity will continue expanding in the coming months. Meanwhile, resilient remittance inflows are expected to provide continued support for domestic consumption and economic growth,” Limlingan said.
Despite the advance, trading remained subdued. Net value turnover reached just P5.91 billion as many investors stayed on the sidelines due to lingering downside risks, particularly tensions in the Middle East.
Foreign investors, however, provided support for the market, ending the session as net buyers with net inflows of P857.49 million.
Sectoral performance was broadly positive, with only the mining and oil index ending in negative territory after slipping 0.82 percent.
Property stocks led the gains, advancing 2.62 percent as investors snapped up beaten-down issues.
Ayala Land Inc. emerged as the day’s top performer, soaring 5.72 percent to P17.00.
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