The local stock market rose for the second straight session as investors continued to capitalize on bargain stocks.
The bellwether Philippine Stock Exchange index rose by 0.63 percent or 39.75 points to end the session at 6,366.64.
The broader All Shares index also advanced by 0.76 percent or 26.07 points to 3,463.99.
Philstocks Financial said the local market’s rise was attributed to bargain hunting together with appreciation of second quarter and first half corporate results of selected stocks.
However, it said trading was still tepid with net value turnover at P6.2 billion as many investors stayed on the sidelines amid uncertainties in the Middle East and downside risks to the country’s economic outlook.
‘The local bourse pulled off an impressive late-afternoon surge to finish on a high note. Shrugging off a sluggish morning session, buyers moved into heavyweights BPI, SM and SM Prime, more than absorbing profit taking in ICTSI, Ayala Land and Emperador,’ First Metro Securities said.
‘The rally appeared largely anchored by robust domestic appetite ahead of the crucial US CPI (consumer price index) print,’ it said.
RCBC chief economist Michael Ricafort said the PSEi went up mostly on better corporate earnings among the biggest listed local companies.
Ricafort also cite the latest rollback in local fuel pump pries by at least P4 per liter that could help ease inflationary pressures.
All sectors were in the green, except for services, which fell by 1.36 percent. Holding firms led the charge with a 2.32-percent jump, followed by financials with a 1.87-percent gain.
Market breadth was positive as advancers crushed decliners, 111 to 84, while 49 issues were unchanged.
ICTSI was the session’s top traded stock, plummeting by 1.61 percent to P980 per share. It was followed by First Gen, which skyrocketed by 28.4 percent to P27.35 and BPI, which climbed by 4.37 percent to P107.50.