Stocks up on bargain hunting

Philippine stocks gained on Thursday as bargain hunters snapped up shares in select stocks.

The benchmark Philippine Stock Exchange index (PSEi) closed up 0.56 percent, or 45.31 points, to 8,174.93 while the broader All-Shares index closed up 0.4 percent to 4,800.59.

Most subsectors ended positive, with only property falling 0.19 percent.

The biggest gainer was mining and oil, which rose close to 4 percent. This was pulled up by Semirara Mining and Power Corp., which announced yesterday a P2-billion share buyback program.

The industrial subsector was also up 0.93 percent, followed by holding firms, up 0.54 percent.

Data from the PSE showed that a total of 877.7 million shares valued at P5.9 billion changed hands on Thursday. Gainers led decliners, 97 to 93, while 47 companies closed unchanged.

The most actively traded on Thursday was Manila Electric Co., which gained 3.57 percent to P319 a share.

It was followed by Ayala Corp., down 0.99 percent to P1,000, Semirara Mining Corp., up 7.04 percent to P38, PLDT Inc., up 1.68 percent to P1,516, and SM Prime Holdings Inc., up 0.7 percent to P35.85 a share.