Bargain hunting shores up index

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The local stock barometer ended a tad higher on Tuesday on selective picking of large-cap stocks by bargain-hunters.

The main-share Philippine Stock Exchange index (PSEi) added 4.33 points, or 0.06 percent, to close at 6,814.67.

“The PSEi managed to end the session with miniscule gains, thanks to last-minute buying, despite suffering losses in early trading. Gains were led by large-cap holding firms as investors returned to the diversified-portfolio trade after President Duterte’s speech last night wherein he announced that restrictions would not be eased on Metro Manila until there was a rollout of vaccines,” AAA Equities head of research Christopher Mangun said.

Mangun said the main index bounced off its 100-day moving average support on Tuesday.

The PSEi was shored up by the holding firm counter, which gained 1.14 percent, while the rest of the subindices declined.

Value turnover hit P10.67 billion. There was net foreign selling of about P1.25 billion.

Doris Dumlao-Abadilla


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