{
  "id": 14001497,
  "title": "Bargain hunting props up stocks",
  "url": "https://urgent.news/2026/10/12/bargain-hunting-props-up-stocks",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/10/13/2562735/bargain-hunting-props-stocks"
  },
  "original_language": "en",
  "account": "The Philippine stock market opened the week on a positive note, buoyed by bargain hunting among investors. The benchmark Philippine Stock Exchange index (PSEi) climbed 0.74 percent or 42.19 points to close at 5,743.18 yesterday. The broader All Shares index also rose by 0.35 percent, settling at 3,203.11. Luis Limlingan from Regina Capital attributed the PSEi's increase to ongoing bargain hunting following last week's rebound. However, he cautioned that market sentiment remains fragile, with the index trading near the 5,700 mark due to the absence of sustained positive factors. Selective buying continued to dominate the market, but selective buying alone may not be enough to propel the index's recovery in the near future. He warned that geopolitical uncertainty and lingering macroeconomic risks could dampen investor confidence and hinder the index's recovery. Sectoral performance varied, with services leading the pack with a 1.97 percent gain, while financials suffered the most significant decline, dropping 1.07 percent. Advancers outnumbered decliners 103 to 87, with 55 stocks remaining unchanged. ICTSI emerged as the most actively traded stock, surging by 2.91 percent to P884 per share, followed by Metrobank, which fell by 3.94 percent to P58.50, and Meralco, which increased by 0.69 percent to P440. AB Capital Securities noted that the PSEi remained above the 5,700 level, but the gains were primarily driven by ICTSI's stronger foreign buying. However, the index excluding ICTSI remained flat, and local participation was subdued, with overall net foreign flows remaining negative. AB Capital Securities identified 5,700 as a near-term support level, while 5,770 marked resistance, while 5,580 was considered major support.",
  "summary": "The local stock market kicked off the week on a positive note as investors continued to take advantage of relatively cheaper valuations.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}