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Stocks up on selective bargain-hunting

Business | The Stock Market

Stocks up on selective bargain-hunting

By James A. Loyola

The local stock market inched up on follow-up bargain-hunting as investors wait for the release of more economic data this week.

The main index added 10.80 points or 0.27 percent to close at 6,223.74 with sectoral indices evenly divided. Volume remained low at 640 million shares worth P3.62 billion as losers beat gainers 103 to 95 with 41 unchanged.

“Philippine share were bought up as investors look to a fresh new batch of economic data that could influence price action activity,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

For the week ahead in the US, investors are looking forward to key inflation data as well as retail sales data.

The Consumer Sentiment Survey will be released on Friday, Sept. 15, which should give insight on how well spending could hold up for the rest of the year.

“Meanwhile, it's going to be a relatively quiet week for us here in the Philippines. The only economic data due for this week is the OFW Cash remittances (September 15),” he added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan

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