Stocks slightly up on bargain hunting

The local stock market managed to end slightly higher after trading flat all day due to the unresolved US debt ceiling problem.

The main index added 12.39 points or 0.19 percent to close at 6,615.95 although only Conglomerates and the Industrial sector managed to advance. Volume fell to 750 million shares worth P3.8 billion as losers beat gainers 101 to 68 with 50 unchanged.

“The local bourse reversed its losses and closed today's trading with a gain on the World Bank's assurance that it will give the Philippine administration its full support in transforming the country into one that is prosperous, inclusive and poverty-free nation by 2040,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “WB's statement overshadowed the  worries on uncertainties on debt-ceiling negotiations in Washington.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse traded sideways with a downward bias in the session then last-minute bargain hunters saved the index from the red. Investors also took advantage of the two consecutive of a market decline.”

China Bank Capital Managing Director Juan Paolo Colet said “The market managed to end up slightly on some technical buying, but most investors remain on edge due to lack of progress in US debt ceiling talks. Caution is the dominant theme as the clock ticks towards the June 1 debt limit deadline.”