MANILA, July 10 (PNA) — Local share prices posted a marginal gain for a second day as investors sought out bargain stocks.
The benchmark Philippine Stock Exchange index (PSEi) advanced 14.90 points to 7,392.59 from previous day’s 7,377.69 close.
Jonathan Ravelas, Banco de Oro chief market strategist, said bargain hunting inspired by the recovery of the China market helped the local market recover lost ground.
”Buyers cherry-picked stocks that have been severely beaten by the recent rout,” said online brokerage 2TradeAsia.com.
Counters were mixed, with only the services and financials in the positive territory.
The sub-indices of other sectors declined slightly.
Volume of transactions reached close to six billion shares valued at Php6.80 billion.
Advancers led decliners, 87 to 70, while 54 issues were unchanged. (PNA)