Philippine shares rise on bargain-huntingThe Philippine market bounced back on Monday but failed to make an impressive run-up as most investors remain cautious of the developments overseas,
Fingerprint Time Attendanceanalysts said.
Fingerprint access controlThe bellwether Philippine Stock Exchange index went up by as much as 33.51 points during intra-day session but lost some of its steam before the final bell to finish at 3,191.29, 11.93 points or 0.37 percent higher from Friday's close.
The broader all share index also rose by 0.18 percent or 3.72 points to 2,018.60, while two sectors, the service and the mining and oil sectors, of the six subindices extended their losses for the sixth time already.
Trading volume reached 5.01 billion shares worth 2.42 billion pesos (52.11 million U.S. dollars). Foreign investors continue to be net sellers with 192.7 million pesos (4.14 million U.S. dollars) .
Decliners swamp advancers 48 to 41 while 70 shares were unchanged.
Fingerprint access control"(Monday's) rally will fall under the category of a technical rebound after our one-week drop last week.
Fingerprint Time AttendanceBut sellers resurfaced when the market broke the 3,200 level--or 33 points higher from Friday--because there is still uncertainty in Europe," Justino Calaycay of Accord Capital Equities Corp. said.
Risk aversion among investors remains high and they are afraid of getting caught by the market's volatility, the analyst said.
"There were bets of a technical rebound last Friday because they were betting that something positive will happen on Europe over the weekend but (they were disappointed)," Calaycay said.
Fingerprint Time Attendance"At a certain point, those who bought suffered paper losses so when the market came back today,
Fingerprint access controlat least for the first hour, there were those who decided to book minimal profits or minimize their losses given that there are still uncertainties in Europe," he added.
