Shares up amid bargain hunting
“Bargain hunters saved the bourse but staying above the 6,000 level will continue to be tested amid weak conviction, with a net market value turnover of P3.35 billion”
Photo by JAY DIRECTO / AFP
Local shares climbed by 19.67 points to 6,148.31 on Wednesday, 0.32 percent higher than the other day's close amid last-minute bargain hunting.
In a text message, Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar pointed out that the market was mostly in the red yesterday due to a lack of catalysts.
"The bargain hunters saved the bourse. However, staying above the 6,000 level will continue to be tested amid weak conviction, with a net market value turnover of P3.35 billion," she said.
On Wednesday, net foreign buying of P119.99 million also helped lift the market.
Sectors were mixed with Services having the biggest gain of 1.50 percent — driven by the gains of PLDT Inc. and Globe Telecom, Inc.
Properties, on the other hand, were at the bottom, after they lost 0.54 percent. JG Summit Holdings, Inc. lost the most by 2.95 percent to P44.45, among index members.