PHL stocks rebound on bargain-hunting

By Leslie D. Venzon

MANILA, Sept. 29 (PNA) — Share prices snapped a five-day losing streak on Tuesday, as investors hunted for bargains.

The benchmark Philippine Stock Exchange index (PSEi) advanced 43.70 points to 6,859.29 from previous day’s 6,815.59 close.

Jonathan Ravelas, chief strategist at BDO Unibank Inc., said the market rebounded driven by bargain hunters following the recent test of the 6,800 support levels.

”Concerns over China slowdown and the pending United States rate hike could cap the market’s rise near the 6,950 to 7,000 levels,” he said.

The market’s surge was led by industrial that gained 1.03 percent.

The services and mining and oil counters were in the red.

A total of 1.56 billion shares valued at Php6.99 billion changed hands.

Market breadth was negative with decliners outpacing advancers, 109 to 72, while 32 issues unchanged. (PNA)