Bargain-hunting seen to lift PH market
Some bargain-hunting is expected to lift the local stock market as the sharp decline on Tuesday has cheapened many issues. Financial markets were closed yesterday due to a national holiday.
Stocks saw on Tuesday their worst bloodbath in 12 years as investors shifted some funds back to the US markets.
The main-share Philippine
Stock Exchange index slumped 4.64 percent or 318.95 points to close at 6,556.65, tracking weak regional markets. All counters faltered but the most battered was the property counter, which fell by 6.15 percent.
The 318.95-point drop was the biggest seen in history in terms of index points but in terms of percentage decline (the base of the PSEi has increased), the percentage decline was not as steep as the 7-percent slide likewise seen in 2001 at the height of the political turmoil that ousted the Estrada regime.
There were more than six decliners for every single gainer. Value turnover amounted to P12.54 billion. Doris C. Dumlao