PSEi up 2.13% on bargain hunting at noon break

Share prices on the Philippine Stock Exchange rallied by more than 2 percent during the morning session on Friday as investors hunted for bargains after days of declines.

The benchmark PSEi gained 152.11 points or 2.13 percent to 7,286.84 at the noon recess. The broader All Shares increased by 62.27 points or 1.41 percent to 4,474.23.

Bargain hunting took share prices higher, said Luis Limlingan, head of sales at Regina Capital Development Corp.

“This morning, among other reasons, could be attributable to a technical bounce after successive days of being in red,” Limlingan noted.

But profit-taking could temper gains.

“Volumes though are still depressed so there could still be room for profit taking later,” Limlingan said. —VDS, GMA News