Stocks jump on bargain hunting

The local stock market jumped on bargain hunting Wednesday, June 8, as investors belatedly cheer to easing inflation rate. The Philippine Stock Exchange index(psei) rose by 84.77 points, or 1.31 percent, to close at 6,564.70 as Conglomerates led gains across the board. Volume was higher but still weak at 801 million shares worth ₱4.14 billion as advancers beat losers 97 to 79 with 44 unchanged. “Local shares ended trading on a positive note, with the S&P500 adding 0.24 percen tto finish at its highest level since Aug. 2022. Meanwhile, the DJIA ticked 0.03 percent higher, pressured by health stocks,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped as investors digested the slower inflation rate in May. This data, coupled with the anticipation that the Bangko Sentral ng Pilipinas might pause hiking interest rates on their upcoming meeting, brought optimism among market participants. Moreover, foreigners helped lift the market as it recorded a net buying of ₱155.14 million. “China Bank Capital Managing Director Juan Paolo Colet said “Sentiment was also supported by President Marcos’ statement that the government is focused on easing price pressures and promoting economic growth.” He also noted “renewed bargain hunting across many blue chips” but, “Technically, the index needs to overcome the 6,600 resistance to inspire a broader rally.” (James Loyola)