Bargain hunting lifts Philippine shares

Philippine shares closed the week on a positive note on Friday as investors hunted for cheaper stocks.

The bellwether PSEi gained 115.43 points or 1.67% to 7,019.18 at the closing bell. The broader All Shares increased by 51.47 points or 1.24% to 4,216.80.

“Investors brushed aside the latest CPI (consumer price index) print and continued with the bargain hunting following overseas markets,” Regina Capital head of sales Luis Limlingan said.

Inflation posted its fourth straight month of acceleration in January at 4.2%, faster than the 3.5% recorded in December 2020. 

“The PSEi ended the week higher, wiping out almost all of its losses from the week before,” AAA Equities head of research Chris Mangun said.

“This week's performance tells us that there are still a lot of investors that are willing to pick up shares in anticipation of higher valuations in the longer term,” he added.

More than 19.758 billion shares valued at P9.205 billion, changed hands. Advancers led decliners, 123 to 76, and 56 were unchanged. — RSJ, GMA News