PSEi rebounds on last-minute bargain hunting

Philippine shares ended in the green on Friday as investors scouted for bargain stocks as the market drew to a close.

While broader market was largely lower, the benchmark PSEi gained 40.58 points or 0.51% to 7,889.41 at the closing bell. The broader All Shares increased by 13.23 points or 0.27% to 4,770.38.

More than 1.075 billion shares, valued at P8.160 billion, changed hands. Decliners led advancers, 109 to 93, and 48 issues were unchanged.

Week-on-week, the bellwether gained 93.43 points or 1.198% from 7,795.98 on August 16. The PSEi was stronger by 400.21 points or 5.34% from 7,489.20 on January 2, the first trading day of 2019.

“The local market entered the green territory in the final minutes of trading today, mostly due to bargain hunting,” Philstocks Financial research analyst Japhet Tantiangco said.

“Investors are also anticipating the upcoming Jackson Hole Symposium with hopes that Fed Chairman Jerome Powell would shed light on the direction of the US monetary policy in his speech,” Tantiangco said.

Foreign funds bought P3.985 billion shares and sold P4.524 billion for a net selling position of P539.134 million. —VDS, GMA News