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PHL shares inch up on bargain-hunting, lower US jobless claims

Philippine shares closed the week in the green as investors went bargain-hunting amid the local bourse’s intraday low and after the US released data showing lower initial jobless claims.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 1.61 points or 0.02% to close at 6,199.25 on Friday, while the broader all shares index increased by 2.42 points or 0.06% to 3,842.73.

“The local bourse managed to close in the green territory this Friday as bargain hunters took advantage of its intra-day dip,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message on Friday.

“The positive cues from Wall Street’s overnight rally caused by the decline in the US’ initial jobless claims also helped in the local market’s performance today,” Mr. Tantiangco added.

The PSEi dropped to an intraday low of 6,172.18, while the all shares index went down to 3,828.05.

Over in the US, the initial number of people filing for unemployment claims reached 444,000 for the week ending May 15, the lowest level since March of last year.

Most sectoral indices closed in the green on Friday except for financials, which declined by four points or 0.29% to 1,372.47, and services lost 3.49 points or 0.24% to end at 1,453.69.

Meanwhile, property gained 10.61 points or 0.35% to 3,000.93; mining and oil improved by 24.34 points or 0.26% to 9,311.23; holding firms climbed 7.83 points or 0.12% to finish at 6,144.54; and industrials went up by 5.88 points or 0.06% to 8,578.12.

Value turnover inched down to P5.03 billion on Friday with 1.63 billion shares switching hands, from P5.52 billion with 2.97 billion issues traded in the previous session.

Advancers bested decliners, 103 to 95, while 47 names closed unchanged. Net foreign selling went decreased to P512.74 million on Friday from the P731.23 million in net outflows logged on Thursday.

“The index downtrend remains intact and we may continue to test new lows for next week as MSCI rebalancing deadline will be on May 27, and we don’t see any significant positive catalyst to reverse sentiment for now,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a separate Viber message. — Keren Concepcion G. Valmonte

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