Stocks rise on continued bargain hunting

The PSEi started the week higher in mixed trades as cautious investors picked up bargains.

The main index rose 21.26 points or 0.34 percent to close at 6,238.82 although sectoral indices were evenly mixed. A total of 682.6 million shares worth P5.24 billion changed hands as gainers beat losers 98 to 84 with 54 unchanged.

“Philippine shares started the week in the green as investors brace for the end of the semester with the latest bank lending data and S&P Global PH PMI Mfg. on July 1,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “U.S. stock benchmarks had a major comeback last week ahead of the expected quarter-end rebalancing from the funds.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors continued with their bargain hunting. The market also took cues from Wall Street’s positive performance last Friday.”

“Trading remained tepid, however, as many remained on the sidelines due to the lingering risks including the further depreciation of the peso, inflationary risks stemming from the rising local fuel prices, and recession risks in the US,” he added.

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Credit belongs to : www.mb.com.ph

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