Bargain-hunting lifts Philippine shares

Share prices on the Philippine Stock Exchange closed in the green on Thursday as market players took advantage of recently battered stocks.

The bellwether PSEi gained 64.02 points or 0.98% to 6,630.85 at the closing bell. The broader All Shares increased by 40.31 points or 1.02% tp 4,005.09.

“The PSEi climbed higher led by recently battered blue chip property and bank stocks,” AAA Equities head of research Chris Mangun said.

However, he said trading volumes continue to decline as investors take a “wait-and-see” approach.

More than 3.063 billion shares valued at P8.85 billion, changed hands. Advancers led decliners, 149 to 64, and 41 issues were unchanged.

“There is still some hope that the pandemic situation will improve in the coming weeks which will give the investor sentiment a boost. Until then, the market will continue sideways with a slight negative bias,” Mangun said. — BM, GMA News