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Share prices recover on bargain hunting

PhilStar Global logo PhilStar Global 25/04/2022 Richmond Mercurio
Share prices recover on bargain hunting © STAR/File Share prices recover on bargain hunting

MANILA, Philippines — The stock market opened the week on a positive note, bouncing back from last week’s losses as bargain hunters stepped in late in the day.

The benchmark Philippine Stock Exchange index closed by 0.32 percent or 22.24 points higher at 7,020.83, ending last week’s two-day losing skid.

The broader All Shares index also improved by 0.03 percent or 1.20 points to finish at 3,722.80.

AB Capital Securities said last-minute bargain hunting on heavyweight conglomerates propped the index up, allowing it to close higher despite trading deeply in the red throughout most of the trading session.

“Last-minute bargain hunting sent the local market higher,” said Japeth Tantiangco, analyst at Philstocks Financial Inc.

“For the most part of the day however, the market was in the negative territory as the rising yields in the US, worries over the knock on effects of China’s COVID-stricken economy on the Philippine economy, and local inflation concerns dampened sentiment. Trading was tepid as many investors stayed on the sidelines due to the aforementioned headwinds,” Tantiangco said.

All local indexes were in the red, except for holding firms which rose 1.34 percent.

Mining and oil, meanwhile, saw the largest decline of 5.14 percent, followed by financials with 0.89 percent.

Value turnover stood at P4.52 billion. Foreigners were net sellers with net outflows amounting to P370.58 million.

Market breadth was negative, with decliners crushing advancers, 127 to 54, while 47 stocks were unchanged.

Top index gainer was Emperador Inc., soaring by 3.71 percent to P19.02, while Monde Nissin Corp. was at the tail end, dropping by 2.75 percent to P12.74.

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