Bargain hunting, China data lift PHL shares in early trades

Philippine share prices were up in early trading Monday as investors continued scout for bargains, while good manufacturing data from China supported positive sentiment across the region. 

 

The benchmark PSEi rose 40.48 points or 0.65 percent to 6,249.30 as of 10:30 a.m. The broader all shares index gained 0.59 percent to 3,798.92. 

 

"It's just a continuing rebound coming from oversold levels,” Juan Rafael Supangco, research head at Angping & Associates Securities Inc., said. “With very few leads, investors are still on bargain hunting," he added

 

The PSEi posted gains in the four days to Friday following a week-long sell-off.  

 

"China PMI (Purchasing Managers' Index) show expansion, so that's a positive," said Supangco. 

 

Reuters reported that China's factory activity maintained steady growth momentum in November, despite the pace of expansion easing slightly from October, final HSBC/Markit PMI showed.

 

The final PMI reading came in at 50.8 in November, down from 50.9 in October but improving from a preliminary reading of 50.4. A reading over 50 points to an expansion. 

 

Supangco said the PMI figures suggest that the global economy continues to pick up pace. – VS, GMA News