Connect with us

Hi, what are you looking for?

Economy

Shares climb on bargain hunting ahead of data

PHILIPPINE shares posted gains on Monday on last-minute buying and as investors went bargain hunting ahead of the central bank’s release of latest remittance data.

The Philippine Stock Exchange index (PSEi) went up by 14.22 points or 0.22% to close at 6,283.58 on Monday, while the all shares index gained 10.43 points or 0.27% to end at 3,861.41.

“The PSEi managed to inch higher on last-minute buying, similar to last Friday’s trading,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

Mr. Mangun said market sentiment remained subdued, but there is now “more buying at the cheaper levels.”

“Investors are still very [cautious], but some traders are taking [advantage] by scooping up shares of companies that have been heavily oversold,” he added.

“Investors [are] doing slow accumulation on bargain hunting [because] you [have] cheap PSEi member stocks whose PE (price-to-earnings ratio) are near or even lower than their 10-year low but whose [first-quarter] earnings were above estimates and therefore currently unfairly priced,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said in a Viber message.

“Philippine investors are also awaiting the release of overseas remittances and foreign reserves [data] this year for market cues,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.

Cash remittances from overseas Filipino workers rose by 4.9% to $2.514 billion in March from $2.397 billion in the same month last year, according to data released by the Bangko Sentral ng Pilipinas (BSP) after the stock market closed on Monday.

For the first quarter, cash remittances climbed by 2.6% year on year to $7.593 billion.

The BSP sees remittances growing by 4% this year versus last year’s 0.8% drop.

Most sectoral indices posted gains on Monday except for holding firms, which went down by 82.61 points or 1.3% to 6,262.26; and financials, which lost 4.11 points or 0.29% to finish at 1,395.19.

Meanwhile, property climbed by 106.31 points or 3.6% to 3,054.72; services went up by 6.65 points or 0.46% to 1,441.12; mining and oil increased by 24.51 points or 0.27% to 9,095.53; and industrials improved by 15.27 points or 0.17% to end at 8,573.98.

Value turnover went down to P5.02 billion on Monday with 2.31 billion shares switching hands, from the P11.06 billion seen on Friday with 4.18 billion issues traded.

Decliners outnumbered advancers, 99 versus 85, while 58 names closed unchanged.

Foreigners turned sellers anew, logging P354.07 million in net outflows on Monday versus the P2.04 billion in net purchases seen on Friday.

FMIC’s Ms. Ulang said she expects a “flattish market” this week, while AAA Southeast Equities’ Mr. Mangun said stocks may move higher in the coming sessions. — K.C.G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The goal for most businesses is to grow, so the concept of bad growth may seem counterintuitive to a lot of business owners. However,...

Investing

Employees of all companies will be able to request flexible working arrangements when they start new jobs under proposals to be published by ministers....

Investing

Our perspectives on remote working have changed dramatically over the course of the pandemic. No doubt many employers in 2019 would have assumed that...

Economy

The Bangko Sentral ng Pilipinas (BSP) lowered the country’s balance of payments (BoP) surplus projection for this year, reflecting the lower current account surplus and the risks...

Economy

The Securities and Exchange Commission (SEC) is encouraging more companies to tap the capital markets, in hopes that there would be over 800 companies listed at...

Economy

Outsourcing firms operating in economic zones are allowed to implement remote work arrangements until March 2022 as the pandemic continues, the Finance department said...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!