PSEi lifted by bargain-hunting

Share prices on the Philippine Stock Exchange rebounded to green territory on Friday, helped by investors’ hunt for cheaper stocks.

The benchmark PSEi gained 4.80 points or 0.08% to 6,197.38 at the closing bell. The broader All Shares increased by 7.08 points or 0.19% to 3,652.60.

“After being weighed by COVID-19 concerns in the earlier part of the trading day, bargain hunting lifted the local bourse a few points above the flat line by the close,” Philstocks Financial said in a market commentary.

Foreign funds bought P1.917 billion shares and sold P3.323 billion for a net selling position of P1.406 billion.

More than 2.263 billion shares valued at P5.173 billion, changed hands. Decliners led advancers, 115 to 82, and 47 issues were unchanged. —LDF, GMA News