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Philippine bourse closes higher on bargain hunting

Xinhua, May 4, 2016 Adjust font size:

The Philippine stock market ended its seven-day losing streak on Wednesday on bargain hunting.

The bellwether Philippine Stock Exchange index gained 0.50 percent or 35.29 points to 7,081.86, while the broader all-share index rose by 0.19 percent or 7.95 points to 4,205.88.

Trading volume reached 2.72 billion shares worth 6.55 billion Philippine pesos (139.49 million U.S. dollars)with 116 stocks declining, 61 advancing and 53 were unchanged.

Three of the six counters bucked the trend. These were financials, services and the mining and oil sectors.

"Knee-jerk reactions to select index heavyweight's first quarter earning results dominated Wednesday's trading," online brokerage 2TradeAsia.com said in its daily stock market comment.

This, it said, was the result of the absence of catalysts to inspire aggressive buying.

Further, the 140-point drop of the Dow Jones industrial average index has tempered the buying as most investors opted to stay at the sidelines.

Stocks in the 30-company index ended mixed. Among those picked up were SM Prime Holdings, Inc., Metropolitan Bank and Trust Co. and index heavyweight Philippine Long Distance Telephone Co. Endit