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Manila Bulletin devider Business devider The Stock Market devider PH stocks gain on bargain-hunting

PH stocks gain on bargain-hunting

Published Jun 3, 2024 08:16 am

The Philippine Stock Exchange index (PSEi) started the week stronger as investors continued bargain hunting after last week’s plunge.

The main index added 37.64 points or 0.59 percent to close at 6,470.74 on the strength of Banks although sectoral indices were evenly split. Volume increased to 939 million shares worth P6.78 billion as losers beat gainers 103 to 90 with 45 unchanged.

“The local bourse opened the week positively despite a slight dip in the S&P PMI for May, which fell to 51.9 from 52.2 in April. Investors now await the PH CPI release on June 5,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained as investors continued to hunt for bargains following last week’s market decline near the 6,400 support level.”

“Overseas, China’s strong May factory activity, which expanded at 51.7, its fastest pace in nearly two years and beat estimates, lifted the sentiment in the region, including the Philippines,” she added.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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