Stocks up on late bargain-hunting again

Published May 17, 2021, 4:43 PM

by James A. Loyola

The PSEi managed to start the week in the green, thanks to late buying that allowed it to recover from early losses.

The main index inched up 14.22 points or 0.23 percent to close at 6,283.58 with only the Financials and Holding Firms counters retreating.

Volume was weak with 2.3 billion shares worth P5.02 billion changing hands as losers beat gainers 99 to 85 with 58 unchanged.

“Share succumbed to profit taking intraday before some MOC (market on close) bargain hunting due to the overhang of inflation concerns in many regional markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse closed in green territory again on the back of last minute bargain hunting.”

He noted that, “Investors took advantage of its intra-day dip caused by worries over the detection of more COVID-19 cases in the Philippines with the variant from India.”

AAA Equities Head of Research Chris Mangun said “The PSEi managed to inch higher on last-minute buying, similar to last Friday’s trading. Substantial gains in large-cap property issues offset the pullback in large-cap holding firms.”

He added that, “Foreign outflows from blue-chips resumed today after seeing inflows last Friday. The sentiment remains subdued although, we are starting to see more buying at the cheaper levels.“

Mangun said “Investors are still very cautios, but some traders are taking adavantage by scooping up shares of companies that have been heavily oversold.”