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Bargain hunting lifts PHL stocks ahead of US data

REUTERS/ELOISA LOPEZ

PHILIPPINE shares rebounded on Tuesday on bargain hunting and as investors shied away from Wall Street ahead of US housing data releases within the week.

The 30-member Philippine Stock Exchange index (PSEi) added 43.85 points or 0.68% to close at 6,458.12 on Tuesday, while the broader all-shares index increased by 17.09 points or 0.50% to 3,384.4.

“The PSEi headed higher today as likely driven by bargain hunting following three straight days of losses and the successful test of the 6,380-6,400-support level,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an email.

“Investors turned bargain hunters finally in the Philippines, as the fading Santa Claus rally in the US increased recession concerns,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Wall Street continued its losing streak on Monday as investors shunned riskier bets amid recession fears, Reuters reported.

The Dow Jones Industrial Average fell by 162.92 points or 0.49% to 32,757.54; the S&P 500 lost 34.70 points or 0.9% to 3,817.66; and the Nasdaq Composite dropped by 159.38 points or 1.49% to 10,546.03.

Tomorrow, investors are expected to price in the US housing data set to be released overnight.

“This week promises lots of insight into the housing industry. Sales data for existing homes and new homes will be released Wednesday and Friday, respectively,” said Mr. Limlingan.

Most of the sectoral indices closed higher on Tuesday except financials, which inched down by 1.33 points or 0.08% to close at 1,627.11.

Meanwhile, services climbed by 32.58 points or 2.09% to close at 1,590.47; mining and oil added 115.11 points or 1.13% to 10,275.60; property increased by 18.47 points or 0.65% to 2,842.07; holding firms rose by 35.41 points or 0.56% to 6,352.19; and industrials went up by 40.53 points or 0.44% to close at 9,227.87.

Value turnover declined to P5.58 billion on Tuesday with 509 million shares changing hands from P18.72 billion with 1.31 billion issues traded on Monday.

Advancers outnumbered decliners, 90 versus 77, while 48 names closed unchanged.

Net foreign selling went down to P427.62 million on Tuesday from P1.01 billion seen the previous trading day.

“Further gains in the days ahead may be forthcoming as the technical bounce continues,” China Bank Securities’ Mr. Mercado said.

He placed the PSEi’s immediate resistance at the 6,650-6,700 levels. — Justine Irish D. Tabile

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