Bargain hunting lifts market

The stock market opened the week strong, ending its two-day decline as investors sought out bargains.

The benchmark Philippine Stock Exchange index (PSEi) gained by 1.42 percent or 92.32 points to end at 6,604.25.

The broader All Shares index also finished in positive territory, rising by 0.88 percent or 30.63 points to 3,507.76.

“Local stocks recuperated from prior losses as investors anticipate slower US inflation rate this Wednesday,” Luis Limlingan of

Regina Capital said.

Claire Alviar of Philstocks Financial attributed yesterday’s positive finish to bargain hunting following two consecutive days of market decline.

“Additionally, strong February foreign direct investment data bolstered sentiment,” she said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi gained after listed companies reported mostly higher net income, strong net foreign direct investment inflows and the proposed amendments to the Rice Tariffication law that would allow the government to sell lower priced rice in the market.

Net market value turnover stood at P4.87 billion to start the week.

All sectors were in the green, led by services, which surged by 3.19 percent. Financials also posted a 2.7-percent jump.

Market breadth was positive as advancers crushed decliners, 118 to 74, with 49 issues unchanged.

Metrobank posted the biggest gain among the index members with 4.66 percent, while Nickel Asia suffered the steepest drop of 3.60 percent.