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Early bargain hunting keeps shares in the green, peso weak

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Despite the last minute shedding, the local bourse stayed in the green territory on Friday trading, while the peso finished weaker.

The Philippine Stock Exchange index (PSEi) ended the week slightly gaining by 3.28 points to 6,266.34, with an uptick in broader all shares by 1.16 points to 3,384.57.

Sectors were mixed, with winners led by Mining and Oil (+40.49 points), while the biggest drop came from Holding Firms (-13.62 points).

Those in the green territory included Services (+15.55 points) and Financials (+4.55 points).

Other losers were Industrial (-12.17 points) and Property (-4.66 points).

“Despite the negative cues from Wall Street, the local bourse was able to stay in the green…amid bargain hunting as the market remained undervalued,” Philstocks Financial Inc. assistant research manager Claire Alviar said.

She added that net foreign buying amounting to PHP81.53 million helped lift the PSEi.

“However, the market’s gain was trimmed at the last minute amid negative sentiment prevailing in international markets, particularly in Asia where most indices were in the red,” Alviar said.

Net market value turnover reached P5.23 billion.

Meanwhile, the Philippine peso shed 0.15 to 56.81 to a US dollar from Thursday’s closing at 56.66.

It opened the day slightly weak at 56.77 from last day’s kick off at 56.70.

The currency pair traded from a low of 56.77 to a high of 56.86, leaving the weighted average for the day at 56.82 to the greenback.

Total volume stood at USD922.12 million, lower than the USD1.25 billion on Thursday’s trading.*PNA

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