Philippine Shares Surge Most Since May as Locals Bargain Hunt
- Most of the 2.2 percent gain comes in last minute of trading
- Foreigners pull money for 16th day in longest run since 2009
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Philippine stocks surged in the final minute of trading to record their biggest gain since May on speculation local investors jumped in as foreign funds pulled money for the 16th day in a row.
“It’s bargain hunting,” said Jonathan Ravelas, the Manila-based chief market strategist at BDO Unibank Inc., the nation’s biggest lender. “Just like what we’ve been seeing in the past weeks: local funds have been buying while overseas investors are selling.”