PSEi up on last-minute bargain hunting

Philippine share prices opened the week on a positive note, as market players chose to hunt bargains near the closing bell.

The main PSEi gained 14.22 points or 0.23% to 6,283.58 at the closing bell. The broader All Shares index climbed 10.43 points or 0.27% to 3,851.41.

"Shares succumbed to profit-taking intraday before some market-on-close bargain hunting due to the overhang of inflation concerns in many regional markets," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Locally, inflation clocked in at 4.5% in March, slower than the 4.7% rate in February, but still above the government's target range of 2% to 4%.

The Bangko Sentral ng Pilipinas (BSP) expects inflation to average 3.9% this year.

"Philippine investors are also awaiting the release of overseas remittances and foreign reserves this year for market cues," Limlingan said.

Following Monday's closing bell, the BSP reported a 4.9% increase in cash remittances in March, while foreign reserves rose to $107.25 as of end-April.

More than 2.312 billion shares, valued at P5.017 billion, changed hands. Decliners led advancers, 99 to 85, and 58 issues were unchanged. — BM, GMA News