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Roundup: Philippine bourse closes higher on bargain hunting

Xinhua, February 10, 2016 Adjust font size:

The Philippine stock market managed to eke out a small gain on Wednesday on bargain hunting.

The bellwether Philippine Stock Exchange index kept its 0.001 percent or 0.05 point of a gain to settle at 6,637.48, while the broader all-share index was up by 0.22 percent or 8.44 points to 3,825.21.

Trading volume reached 7.34 million shares worth 4.57 billion Philippine pesos (96.31 million U.S. dollars) with 81 stocks advancing, 91 declining and 39 were unchanged.

Of the six counters, only the financials and the property sectors bucked the trend.

"Short term players considered this an appropriate time to spot bargains," online brokerage 2TradeAsia.com said in its daily stock market comment.

However, the lack of positive catalysts curbed enthusiasm resulting in some investors booking quick gains.

Moreover, participation is not as vigorous as evidenced by the drop in turnover.

Stocks in the 30-company index finished the session mostly down. These include Jollibee Foods Corp., SM Investments Corp., and the Bank of Philippine Islands. Endit