Bargain hunting keeps PHL shares afloat

Share prices on the Philippines Stock Exchange remained in the green on Friday amid market players’ hunt for cheaper shares.

The bellwether PSEi gained 87.29 points or 1.64% to 5,408.52 at the closing bell. The broader All Shares increased by 41.04 points or 1.27% to 3,278.81.

“Bargain hunting continued today, extending the local market’s gains by 1.64%,” Philstocks Financial equity analyst Japhet Tantiangco said.

Tantiangco, however, noted that selling pressures are starting to creep again as the gap between losers and winners are narrower.

Advancers led decliners, 99 to 87, and 41 issues were unchanged.

Meanwhile, more than 498.175 million shares valued at P5.577 billion changed hands.

“This shows lack of convicting in today’s trading,” Tantiangco said.

“Thus, it is advised to remain cautious with our trades,” he added. --KBK, GMA News