Bargain-hunting saves PSEi from further slump

Philippine shares managed to end the trading session in the green on Tuesday, thanks to market players’ hunt for cheaper stocks which have been battered by selling pressure in the past days due to the rising COVID-19 cases.

The benchmark PSEi gained 6.62 points or 0.10% to 6,559.08 at the closing bell. The broader All Shares increased by 4.28 points or 0.11% to 3,954.15.

Philstocks Financial equity analyst Claire Alviar said the local stock market gained “as investors bargain hunt after the slump yesterday with optimism from the record-high performance of the US market overnight.”

On Wall Street, S&P 500 and Dow Jones Industrial Average both surged on gains in travel stocks as mass vaccinations in the United States and congressional approval of a $1.9 trillion aid bill fueled investor optimism.

“Yesterday, the market plunged and broke its 6,600 support level given the mounting COVID-19 daily cases in the Philippines,” Alviar said.

“We do not see confidence in the market right now despite today's gain since value turnover was recorded only at P5.89 billion —the lowest for this year so far,” she added.

More than 3.297 billion shares valued at P5.897 billion, changed hands. Advancers led decliners, 118 to 97, and 41 issues were unchanged.—AOL, GMA News