Stocks extend advance on bargain hunting

Philippines stocks extended its climbed to sixth consecutive trading day on continued bargain hunting and foreign buying.

The Philippine Stock Exchange index rose 24.28 points or 0.38 percent to close at 6,398.96 while the broader all shares index climbed 6.26 points or 0.18 percent to 3,419.14. “Investors seemed to continue with their hunt for bargains with hopes pinned on the resilience of the corporate sector amid the lingering economic headwinds,” Philstocks Financial Inc. research analyst Claire Alviar said.

Analysts said while market participation was thin at P4.4 billion, foreign investors were net buyers of P194 million. Meanwhile, the Philippine Stock Exchange reported that Union Bank of the Philippines of the Aboitiz Group will be removed from the PSEi on Oct. 4 after its free float fell below the 20-percent level.

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