Share prices closed higher for the fourth straight trading day as traders hunted for bargains in Monday’s trade ahead of this week’s holiday break.
“Philippine shares traded quietly in the green as investors slowly accumulated ahead of the Holy Week break,” Luis Limlingan, managing director at Regina Capital and Development Corp., said.
The PSEi rose 63.08 points or 1.04 percent to close at 6,145.52. The broader All Shares gained 6.13 points or 0.17 percent to 3,627.89.
Gainers outnumbered losers 106 to 83 with 49 stocks unchanged. Trading value totaled more than P4.32 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said investors decided to hunt for bargains and go bottom-fishing for stocks that are considerably undervalued, emboldened by US markets closing in positive territory on Friday.
Online stock brokerage Philstocks Financial Inc., said in a market recap investors cheered the US’ move to temporarily exempt consumer electronics from reciprocal tariffs, amid hopes of further policy easing by the Bangko Sentral ng Pilipinas.
Only the banking sector declined, losing 0.51 percent., while services gained 2.25 percent, Philstocks said.
However, Alfred Benjamin Garcia, research head at AP Securities Inc., said while the US decision to exempt electronic products and parts from its tariff was a welcome development, it was not as significant as the market would have liked.
“Electrical and electronic equipment accounts for around 53 percent of PH exports to the US, but from what we know of the exemptions so far, only around 20-25 percent are covered by the exemptions,” he said.
Meanwhile, Peter Louis Garnace, equity research analyst at Unicapital Securities Corp., said investors also digested the big-time oil price rollback of as much as P3.60 per liter of gasoline and P2.90 for diesel starting early Tuesday, APril 15.
Most actively traded BDO Unibank Inc. dropped P2.20 to P157.80. Ayala Land Inc. gained P1.05 to P23.80. International Container Terminal Services Inc. rose P14.60 to P354.60. SM Prime Holdings Inc. firmed P0.25 to P22.75. SM Investments Corp. gained P15 to P815. Bank of the Philippine Islands rose P1.10 to P131.10. Manila Electric Co. increased P11 to P560. Ayala Corp. added P2 to P577. Jollibee Foods Corp. rose P4.20 to P220.20. Converge ICT Solutions Inc. inched up P0.08 to P18.
