Bargain hunting boosted stocks

Local share prices rose as bargain hunting overcame news of a larger than expected trade deficit. The main index gained 46.67 points or 0.65 percent to close at 7,233.29 with all sectoral indices advancing. “The Philippine markets tried to break past the 7,200 with some bargain hunting, although there still hasn't been enough conviction as value turnover has still been just a little over 15 billion,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “what helped us today was the Dow rallying strongly with gains by Financials and Oil Services sector on Monday, jumping by triple digits to close higher for a third straight session.”(JAL)