Last-minute bargain hunting buoys PHL shares

Philippine share prices recovered from steep losses earlier in the session on Tuesday to close day in positive terriroty, as investors hunted for bargains ahead of the closing bell.

The bellwether PSEi gained 20.67 points or 0.30 percent to close at 6,861.31. The broader All Shares advanced by 10.49 points or 10.49 percent to 4,166.56.

"Locally, we're looking for new developments. There was bargain hunting by certain investors, but nothing substantiated by anything new," Harry G. Liu, President of Summit Securities Inc., said in a phone interview.

"The closing just brought up prices to positive territory ... There seemed to be some investors who took advantage of the low prices," he added.

The main PSEi was down by 1.15 percent at midday, as market players supposedly went on extended holiday.

Most investors were still on the sidelines waiting for further economic developments, Liu noted

"Volume's a little bit slow, not so big. The start of the year seems to be a continuation of the concerns about situation year end ... Both local and foreign (investors are) on the sidelines watching for a better economic picture," he said.

The PSEi registered its second consecutive year in negative terriorty in 2016, down 1.6 percent at 6,840.64 from the last trading day of 2015.

More than 664.206 million shares, valued at P2.682 billion, changed hands. Winners led losers, 89 to 79, and 42 issues were unchanged. — VS, GMA News