Stocks rebound as investors pick up bargains

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The bell at the Philippine Stock Exchange (PSE), Makati City, November 7, 2014.
Nearly 70% of inbound funds went to shares listed on the Philippine Stock Exchange. —  BW FILE PHOTO

THE LOCAL BOURSE moved up on Friday as investors resorted to bargain hunting ahead of the weekend.

The bellwether Philippine Stock Exchange index climbed 104.64 points or 1.27% to 8,311.08. The broader all-shares index rose 39.14 points or 0.81% to 4,873.82 points.

“[T]he PSEi underperformed most Asian bourses yesterday despite stellar growth data, so everyon[e] expected to see some bargain hunting ahead of the weekend,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message on Friday.

“We’re going through the medium term consolidation. That was kicked off by the improvement of our growth rate as we were soft for the past few days,” said Summit Securities, Inc. President Harry G. Liu in a phone interview yesterday, citing the 6.9% gross domestic product growth print in the July to September period.

“I would expect things to improve towards the end of the month because all [listed] companies are expected to disclose earnings,” he added, noting that this may be a driver for a rally in the next week’s trading session.

Property led the surge, rising 54.69 points or 1.43% to 3,866.40; holding firms climbed 115.69 points or 1.39% to 8,441.42; industrials increased 96.38 points or 0.87% to 11,059.05; services edged up 10.43 points or 0.63% to 1,653.51; and financials rose 9.08 points or 0.44% to 2,069.43.

Only mining and oil ended in the red, sliding 108.28 points or 0.88% to 12,118.50.

Value turnover stood at P5.63 billion from Thursday’s P7.92 billion with 7.28 billion shares changing hands.

Advancers trumped decliners at 98 to 91, while 56 names closed unchanged.

Foreigners turned buyers for net purchases worth P199.55 million from the previous session’s net outflow worth P1.1 billion. — Janina C. Lim