July 22, 2018, 9:14 pm
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Stocks up on bargain-hunting

Share prices ended higher Tuesday on bargain-hunting. 

The Philippine Stock Exchange index (PSEi) was up 46.67 points to 7,233.29, a 0.65 percent hike. 

The broader all- shares index was up 28.14 points to 4,413.44, a 0.64 percent hike. 

Gainers edged losers 113 to 73 with 54 stocks unchanged. 

Trading turnover reached P5.06 billion.

“The market tried to break past the 7,200 with some bargain-hunting, although there still has not been enough conviction,” said Luis Limlingan, managing director at Regina Capital Development Corp.

“What helped us today was the Dow rallying strongly with gains by financials and oil services sector on Monday, jumping by triple digits to close higher for a third straight session. US stocks posted a broad rally, with strong economic data appearing to offset worries about rising trade tensions. European stocks brushed aside the latest Brexit shock and posted a fifth straight advance,” he added.

Limlingan said global markets “seemed to react better as we head into the first effective week of US-China trade tariffs.” 

“However, headlines of China tying new strings and opening up more cooperation globally might smoothen concerns for China imports/exports issues,” he said. 

Most actively-traded Metropolitan Bank and Trust Co. was up P0.95 to P68.80. Ayala Land Inc. was down P0.45 to P36.55. Ayala Corp. was up P18.50 to P924. BDO Unibank Inc. was up P1.50 to P131. Bank of the Philippine Islands was up P2 to P91. SM Investments Corp. was down P10 to P880. Jollibee Foods Corp. was up P1 to P246. 

Other Southeast Asian stock markets also climbed yesterday, with Singapore and Indonesia extending their rally, as US stocks gained overnight on hopes of strong corporate earnings, boosting positive sentiment across Asia.

Asian shares outside Japan climbed for a third straight session, as bank shares boosted Wall Street on Monday, although trade tensions between the United States and China continued to linger.

“Trade war risks were somewhat side-lined as US equities finished higher led by financials and industrial stocks on higher earnings expectations”, Mizuho Bank said in a note.

Wall Street’s big banks, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc, are scheduled to report results on Friday.

Singapore shares rose as much as 1.3 percent, boosted by gains in financials such as DBS Group Holdings, which jumped 3 percent, and Oversea-Chinese Banking Corp, which gained over 2 percent.

Malaysian stocks rose 0.5 percent, with Telekom Malaysia Bhd up as much as 3 percent, while maritime solutions provider MISC Bhd gained 2.7 percent.

The Indonesian index rose as much as 1.4 percent, building on the previous session’s 2 percent gain. Astra International climbed 2.8 percent, and Indiah Kiat Pulp & Paper rose 6 percent.

Meanwhile, Thai shares shed 0.2 percent, with industrials among top percentage losers. Airports of Thailand fell as much as 2.6 percent. – Reuters
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