Business

PSEi inches up on last-minute bargain hunting

PSEi inches up on last-minute bargain hunting

MANILA, Philippines — The stock market ended a volatile session in the green, helped along by last-minute bargain hunting as investors continue to weigh economic data against the pandemic situation.

The 30-company benchmark Philippine Stock Exchange index or PSEi finished nearly flat, inching up by just 4.47 points or 0.06 percent to 6,796.34.

Likewise, the broader All Shares index closed slightly higher at 4,108.59, up 4.57 points or 0.11 percent.

“The local market fluctuated through gains and losses for the session after May inflation data was reported at par with consensus estimate at 4.5 percent. Net foreign buying accumulated to P3.2 billion this week excluding block sales, snapping 15 straight weeks of net foreign selling,” said AB Capital Securities in a market commentary.

Market breadth was positive as gainers edged out losers, 110 to 88, while 48 issues were unchanged.

Traders said the local bourse moved sideways as investors digested the inflation rate which stayed at 4.5 percent for the third straight month in May.

Japhet Tantiangco, an analyst at PhilStocks Financial Inc., said there was also last minute bargain hunting.

“The local bourse moved sideways this Friday as investors weighed May 2021’s inflation print which stayed at 4.5 percent, against the country’s COVID-19 daily case counts which is regaining pace,” he said.

Trading weakened further however, with net value turnover at P5.92 billion, lower compared to Thursday’s P18.78  billion and the year-to-date average of P8.05 billion.

“I believe investors are more focused now on the immediate outlook of the Philippine economy, in particular, how can our economy recover while our vaccination program is not yet covering a significant portion of the population. Fiscal stimulus measures like the Bayanihan 3 are appreciated as they can help the economy while it goes through tough times,” Tantiangco said.