The PSEi started the week on the green on very selective buying by bargain hunters.

The main index added 42.08 points or 0.73 percent to close at 5,783.15 as Conglomerates led the advance although the Services and Mining and Oil counters declined. Volume fell to 613 million shares worth P3.95 billion as losers continue to dominate over gainers at 139 to 51 with 43 unchanged.

“Philippine shares were bought up towards closing after bargain hunters made bets that central bankers across the globe would step in to combat inflation while making sure growth would not falter,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Reports have been circulating that the Fed itself will hold an emergency meeting in light of the recent development in the currency and fixed income securities market.“

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market climbed this as last-minute bargain hunting pushed the main index upward. This came after the local bourse traded in the red territory for the most part of the day. As a result, the PSEI was able to sustain its position above its immediate support which is at the 5,700 level.”

“The narrowed fiscal deficit for the month of August and the growth of the universal and commercial bank lending were cheered by investors which in turn aided in the positive close of the day. However, ongoing headwinds such as the Peso's weakness and recession worries kept many investors on the sidelines which resulted to weak trading,” Plopenio added.